Ontario · CCAA
Declaration of Wesley Parris dated September 9, 2025
Affidavit · 9 September 2025
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What we verified from this filing1 verified
- secured creditorsnote: Total secured indebtedness demanded in Lenders' August 27, 2025 demand letters and section 244 NOIs, stated as US$115,700,995 as of August 26, 2025 (exact dated balance in demand letters/NOIs, used as amount per document hierarchy). Debtors' own Declaration (para. 16) separately states approx. USD $100,606,023 principal under term loan, USD $14,000,000 under revolving facility, and USD $1,179,465 default interest accrued month-to-date, for an estimated total of USD $115,785,488 as of August 31, 2025 (a later, slightly higher figure due to continuing accrual). Debtor is in default under Credit Agreement and Forbearance Agreement; Lenders delivered notices of intention to enforce security under BIA s.244 on August 27, 2025 and reserved right to seek receivership. · page: 38 · as of: 2025-08-26 · amount: 115700995 · debtor: Iovate Health Sciences International Inc. (borrower); guaranteed/secured by Iovate Health Sciences U.S.A. Inc., Northern Innovations Holding Corp., Xiwang Iovate Holdings Company Limited (limited recourse guarantee), and Iovate Health Sciences Australia Pty Ltd. · creditor: Royal Bank of Canada, as Administrative Agent, for itself and syndicated Lenders (HSBC Bank Canada, Toronto-Dominion Bank, Bank of China (Canada), Bank of Montreal, National Bank of Canada, Canadian Western Bank, Bank of Nova Scotia) · currency: USD · security: Amended and restated Credit Agreement dated June 30, 2021 (revolving + term loan facilities); Group Guarantee (Dec 21, 2016) and Limited Recourse Guarantee (Dec 21, 2016, Xiwang Iovate Holdings); General Security Agreements (Dec 21, 2016) creating first-priority lien over present/after-acquired real and personal property of Iovate International, Iovate USA and Northern Innovations; US Security Agreement; Collateral Leasehold Mortgage (Apr 11, 2017); Belgian Pledge on Business (Apr 4, 2025); Trademark Security Agreements (2021, 2024) and Patent Security Agreements (2016, 2021) over Northern Innovations IP; Pledge Agreement, Supplement to Security Agreement, Specific Security Agreement (Shares)/Australian Pledge, and Blocked Accounts Agreement (Xiwang Iovate Holdings); Deposit Account Control Agreement (Iovate USA); General Security Deed (Iovate Health Sciences Australia Pty Ltd)