Ontario · Proposal
Motion Record – dated 2024-06-21
Application / notice of application · 21 June 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing10 verified
- applicantPioneer Balloon Canada Limited
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY & INSOLVENCY)
- court file no32-3091796
- provinceONTARIO
- appointeeKPMG Inc.
- appointee roleProposed Trustee
- secured creditorsnote: Aggregated per serialized-equipment financier convention; amounts not stated in reviewed pages · page: 4 · debtor: Pioneer Balloon Canada Limited · creditor: PPSA equipment financiers (PMSI class) - RCAP Leasing Inc., CWB National Leasing Inc., Honda Canada Finance Inc., Vault Credit Corporation · currency: CAD · security: Presumed equipment/lease financing registrants named on Service List; specific security/PPSA registration details not shown in reviewed pages
- financial positionnote: Notice of Motion states the Company 'is insolvent, with approximately $2,300,000 in secured debt and approximately $1,200,000 in unsecured trade debt' - components stated separately, not summed by the document · page: 12 · basis: Prose approximation stated in grounds of Notice of Motion; not a balance sheet · scope: Pioneer Balloon Canada Limited (entity only) · currency: CAD
- secured creditorsnote: Senior secured lender; amount is a floor - motion record states RBC 'is owed more than $2,300,000'; RBC issued demand and Notice of Intention to Enforce Security under s.244(1) BIA on May 30, 2024; prose in Notice of Motion also describes 'approximately $2,300,000 in secured debt' company-wide · page: 12 · as of: 2024-05-30 · amount: 2300000 · debtor: Pioneer Balloon Canada Limited · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (Bank's Form 924) - first-ranking security interest in all personal property of the Borrower; Facility #1: $2,000,000.00 revolving demand facility; Facility #2: $5,000.00 revolving LG facility (facility limits, not balances)
- secured creditorsnote: Security interest and ranking referenced only via priority agreement with RBC in the Credit Agreement; no balance stated in reviewed pages · page: 28 · debtor: Pioneer Balloon Canada Limited · creditor: FGI Worldwide LLC · currency: CAD · security: Subject of a priority/subordination agreement with RBC and the Borrower per RBC Credit Agreement Security clause