Manitoba · Receivership (court-appointed)
First Report of the Receiver – Date July 2, 2024
Court officer report · 2 July 2024
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What we verified from this filing7 verified · 1 withheld
- secured creditorsnote: Disputed/unconfirmed claim - Receiver's legal counsel was still reviewing the material provided as of the First Report; amount not quantified. · page: 11 · debtor: Genesus Inc. · creditor: Designed Genetics Ltd. (DGL) · currency: CAD · security: Alleged ownership interest in livestock located at the DGL Property, or in the alternative, lien rights pursuant to The Stable Keepers Act (Manitoba)
- financial positionnote: No aggregate total liabilities figure is stated. Secured creditors totalled $7.3 million (BMO $6.3M + FCC $1.0M, per PPR search, p.11). Unsecured creditors were reported per entity, not aggregated: Genesus ~$10.6 million, Can-Am ~$1.4 million, GGI ~$4.2 million (p.15). Priority WEPP claims also stated per entity (Genesus ~$25,000 super-priority estimate; Can-Am ~$6,000) (p.14). · page: 41 · as at: 2024-06-11 · basis: Book values per the Companies' records (unaudited); Receiver notes 'the ultimate realizable value may differ, and such difference may be material.' · scope: Aggregated (non-consolidated) total for the three Debtors - Genesus Inc., Can-Am Genetics Inc., and Genesus Genetics Inc. (GGI) - comprising accounts receivable, prepaids, inventory, due from related parties, and fixed assets only; excludes land/buildings and shares in other entities (Genesus Life Science, Genesus Sarl). · currency: CAD · total assets: 17783000
- secured creditorsnote: Exact figure per Receiver's Form 87 Notice and Statement. First Report (paras 14, 34) describes this as 'approximately $1.0 million (plus legal fees, costs, and expenses)' as at the Date of Receivership. · page: 42 · as of: 2024-06-11 · amount: 1014098 · debtor: Genesus Inc. · creditor: Farm Credit Canada (FCC) · currency: CAD · security: First mortgage over the Park Blvd. Property (residential) plus a General Security Agreement
- secured creditorsnote: Exact figure per Receiver's Form 87 Notice and Statement (Estimated amount owed to registered secured creditor). First Report (paras 14, 34) describes this as 'approximately $6.3 million (plus legal fees, costs, and expenses)' as at the Date of Receivership; BMO is described as the principal secured lender holding first ranking security positions. · page: 42 · as of: 2024-06-11 · amount: 6305686 · debtor: Genesus Inc. and Can-Am Genetics Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General Security Agreement over Property of Genesus and Can-Am
- process resultsnote: BDO commenced discussions with five prospective purchasers during the Solicitation Period · solicited: 5
- sale advisorBDO Canada Limited
- sale outcometext: Offer from Canada ZF Investment Ltd, subject to Court approval, motion returnable July 4, 2024 · scope: parcel · status: pending_approval
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.