Ontario · Receivership (court-appointed)
First Report of the Receiver dated May 26, 2020
Court officer report · 26 May 2020
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What we verified from this filing10 verified
- secured creditorsnote: Amount not stated · page: 6 · debtor: 1892244 Alberta Ltd. · creditor: Travelers Finance Ltd. · currency: CAD · security: Registered financing statement under Ontario PPSA against a 1998 Sikorsky Aircraft
- secured creditorsnote: Based on the Companies' records, no amounts are owing to BMO · page: 6 · amount: 0 · debtor: Audible Capital Corp. · creditor: Bank of Montreal (BMO) · currency: CAD · security: Registered financing statement under Alberta PPSA
- secured creditorsnote: PMSI-type equipment financing; amount not stated · page: 6 · debtor: Audible Capital Corp. · creditor: Ford Credit Canada Leasing · currency: CAD · security: Registered financing statement under Alberta PPSA against a 2018 Ford Escape
- secured creditorsnote: Senior secured creditor; amount owing has since been reduced by the Distribution (~$5.7 million) received from the Lausanne Transaction · page: 6 · as of: date of the Receivership Order (May 7, 2020) · amount: 20500000 · debtor: Audible Capital Corp. and related Companies · creditor: Bridging Finance Inc. (as Agent) · currency: CAD · security: Charge on substantially all assets of the Companies, including shares and assets of PWH
- unsecured creditorsnote: Document does not itemise individual unsecured creditors beyond noting three largest make up approximately 75% of the total; those three were served with the motion record but not named · page: 10 · basis: According to Audible's books and records, unsecured obligations total approximately $1 million · amount: 1000000 · debtor: Audible Capital Corp. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Contingent claim; individual served with motion record; related party (brother of the Companies' ultimate owner) · page: 10 · basis: Contingent litigation claim · amount: 4000000 · debtor: Audible Capital Corp. · creditor: William Gallacher's brother · currency: CAD
- closing confirmedscope: the shares of SEC and certain loans owing to Audible by SEC · outcome: completed · effective: 2020-05-09 · purchaser: Petr Svobda, Gregory Finger and Zdenek Bakala · date basis: stated
- purchaserPetr Svobda, Gregory Finger and Zdenek Bakala
- sale advisorKen Stickney
- sale outcometext: Lausanne Transaction closed prior to Receiver's approval request, seeking retroactive approval · scope: parcel · status: closed