Alberta · CCAA
Affidavit of Shehryar Syed (July 9, 2025)
Affidavit · 9 July 2025
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What we verified from this filing1 verified
- secured creditorsnote: BMO stated it is 'the only source of secured financing for the Coast Auto Group' (para 9, p.2), where it approximated indebtedness as 'in excess of $36 million'; the exact dated balance 'as of the date of this affidavit' (sworn July 9, 2025) is $36,227,809.66 plus accruing interest, legal/professional fees and costs. Personal guarantees exist from Sundeep Cheema and Deepak (Dean) Parmar (shareholders/directors) - names recorded here per Rule 10. Deerfoot Atria Partners Ltd. is a related-party guarantor whose claims against Coast North Van and Coast Drayton Valley are separately postponed/subordinated to BMO under Assignment, Postponement and Subordination Agreements (Form LF9B). · page: 9 · as of: 2025-07-09 · amount: 36227809.66 · debtor: Coast Auto Group (Coast Automotive Group Inc., Coast North Vancouver Auto Sales Inc., Coast Auto Drayton Inc., and 2461765 Alberta Ltd., jointly and severally via cross-guarantees) · creditor: Bank of Montreal (BMO) · currency: CAD · security: Demand credit facilities (operating, new/used wholesale flooring, non-revolving acquisition/goodwill financing, corporate Mastercards) under the 246 Facility Term Sheet, Drayton Term Sheet and North Van Term Sheet; secured by General Security Agreements (PPSA fixed and floating charge over all present and future goods, inventory, intangibles, accounts receivable and undertaking - e.g. Coast Auto Drayton Inc. GSA dated 09/06/2023) and unlimited guarantees from 246, Coast Drayton Valley, Coast North Van, Sundeep Cheema, Deepak (Dean) Parmar, and Deerfoot Atria Partners Ltd. Individual facility limits (not balances) included: 246 non-revolving loan up to $3,953,000; Drayton operating $1,000,000, new flooring $10,000,000 (combined new-flooring ceiling $35,000,000 with Coast North Van), used flooring $5,000,000 (combined used-flooring ceiling $10,000,000), goodwill facility $1,809,524, Mastercard $100,000; North Van operating $1,000,000, new flooring $15,000,000, used flooring $5,000,000, goodwill facility $2,261,905, Mastercard $100,000 (aggregate facility total stated as $23,361,905, or $28,661,905 including temporary authorizations).