Ontario · CCAA
First Report of the Proposal Trustee
Court officer report · 26 January 2025
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 filing6 verified
- secured creditorsnote: Approximate figure stated in prose ('approximately $192 million'); Senior Lenders expected to incur significant shortfall upon completion of CCAA Proceedings and Chapter 7 Case · page: 4 · as of: 2024-12-31 · amount: 192000000 · debtor: Joriki Inc. (borrower); Joriki USA Inc. and Joriki TopCo Inc. (guarantors) · creditor: The Bank of Nova Scotia and The Toronto-Dominion Bank (Senior Lenders) · currency: CAD · security: Senior Secured Facilities (secured creditor agreements, as amended and restated); in default
- secured creditorsnote: This is the maximum principal amount/facility limit of the proposed post-filing DIP financing, not an outstanding pre-filing balance; DIP Term Sheet not yet executed as of report date, subject to credit committee approval · page: 5 · as of: proposed/pre-approval (Initial Order application, January 26, 2025) · amount: 1200000 · debtor: Joriki Inc. and Joriki TopCo Inc. (Borrowers) · creditor: The Bank of Nova Scotia and The Toronto-Dominion Bank (Senior Lenders, as DIP Lender/DIP Financing Lenders) · currency: CAD · security: DIP Lender's Charge (super-priority charge) over the Property, subject to Permitted Priority Liens; Maximum Principal Amount of DIP Facility
- process resultslois: 2 · note: Two LOIs for the Delta and Toronto facilities; certain parties withdrew in late December 2024. · as of: 2025-01-26
- purchaserprice: sealed: false · scope: assets at the Delta facility, including assignment of the real property lease · status: proposed · name note: unnamed prospective purchaser under a letter of intent for the Delta facility assets (turn-key transaction); definitive documentation still being advanced · structure: assets · name source: recital · relationship: unstated; price: sealed: false · scope: assets at the Toronto facility, including assignment of the real property lease · status: proposed · name note: unnamed prospective purchaser under a letter of intent for the Toronto facility assets (turn-key transaction); definitive documentation still being advanced · structure: assets · name source: recital · relationship: unstated
- sale advisorAlvarez & Marsal Canada Corporate Finance ULC; Maynards Industries II Canada Ltd.
- sale outcometext: Turn-key LOIs signed for the Delta and Toronto facilities with definitive documentation being advanced; no turn-key offers for Pickering, which is to be liquidated by Maynards under the Liquidation Services Agreement. · scope: parcel · status: bid_selected