Ontario · Proposal

Creditor Package – Proposal – Dated December 5, 2024

Meeting materials · 5 December 2024

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What we verified from this filing37 verified

secured creditorsnote: Individual - sole director/officer of the Company; classified as a Secured Creditor jointly with Nutaratori Capital; personal guarantor/secured party, name recorded here only per document; no stated amount. · page: 3 · debtor: ABS Friction Inc. · creditor: Rick Jamieson (Mr. Jamieson) · currency: CAD · security: Personal security interest over the Company's assets (nature/amount not specified in document)
financial positionnote: Total_liabilities reflects only the single liability line shown on the ERV Schedule (Secured Indebtedness owing to Nutaratori Capital Inc., $6,000,000); the Schedule excludes unsecured/employee claims (~$1,050,155.51 per p.6) and liquidation costs, per Trustee's own caveat that 'the Company's Statement of Affairs does not include an estimate for projected costs of realizations.' The Trustee separately reports (p.5) that the Statement of Affairs itself indicates an approximate deficiency/shortfall of $4,487,405, which differs from the $4,118,215 deficiency computed on the ERV Schedule (p.6); the discrepancy is not reconciled in the document. Figures are unaudited, based on Company-provided information not verified by the Trustee. · page: 6 · as at: 2024-11-26 · basis: Condensed 'Statement of Estimated Realizations' (ERV Schedule) provided by the Company - Book Value vs. Estimated Realizable Value per Statement of Affairs (unaudited) · scope: Entity-level - ABS Friction Inc. only · currency: CAD · total assets: 1881785 · total liabilities: 6000000
secured creditorsnote: Related-party creditor (indebtedness described as 'related party indebtedness'); security opinion obtained from Nutaratori Capital's own counsel stating security is perfected/enforceable in priority to all other registrations, but Trustee has not obtained an independent opinion confirming this (opinion unconfirmed by Trustee); also holds security over the Proposal Pool itself; amount described in prose as 'totaling $6.0 million' (p.4) and shown as $6,000,000 in the Estimated Realizable Value Schedule (p.6) - same figure, no more precise dated balance given. · page: 6 · as of: as at the date of the Proposal · amount: 6000000 · debtor: ABS Friction Inc. · creditor: Nutaratori Capital Inc. · currency: CAD · security: General security agreement dated March 15, 2018 over all assets, properties and undertakings of the Company
unsecured creditorsnote: These are claims for severance and termination pay (not wages/salary) and are treated as unsecured claims; any claim asserting priority under s.136(1)(d) of the BIA will be disallowed; no individual employee names given. · page: 6 · basis: Company's calculation of severance/termination claims provided to each former employee by separate letter, per Article 3.3(a) of the Proposal · amount: 683235.51 · debtor: ABS Friction Inc. · creditor: Employee Creditor Claims (aggregate as calculated by the Company) · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 24033.11 · debtor: ABS Friction Inc. · creditor: Atlantic Packaging Products Ltd. · currency: CAD
unsecured creditorsnote: US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 5052.96 · debtor: ABS Friction Inc. · creditor: Backupify, Inc. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 1167.86 · debtor: ABS Friction Inc. · creditor: Barco Materials Handling Ltd · currency: CAD
unsecured creditorsnote: US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 24242.01 · debtor: ABS Friction Inc. · creditor: Better Brake Parts · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 12591.32 · debtor: ABS Friction Inc. · creditor: Brian Kurtz Trucking Ltd. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 6597 · debtor: ABS Friction Inc. · creditor: Day & Ross Inc · currency: CAD
unsecured creditorsnote: Foreign (China) creditor; claim converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 67255.6 · debtor: ABS Friction Inc. · creditor: Dezhou Jindon Automotive Co., Ltd. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 1356 · debtor: ABS Friction Inc. · creditor: Excellence in Manufacturing · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 333.31 · debtor: ABS Friction Inc. · creditor: FedEx Freight · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 69255.44 · debtor: ABS Friction Inc. · creditor: FINA CON · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 1779.75 · debtor: ABS Friction Inc. · creditor: GS1 Canada · currency: CAD
unsecured creditorsnote: US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 2213.91 · debtor: ABS Friction Inc. · creditor: Igrisan and Associates · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 1599.94 · debtor: ABS Friction Inc. · creditor: Impak Packaging Systems Ltd. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 2069.76 · debtor: ABS Friction Inc. · creditor: J D Factors Corporation-Collections · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 22789.21 · debtor: ABS Friction Inc. · creditor: Jamrik Electric Ltd. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 11916.52 · debtor: ABS Friction Inc. · creditor: JNP Software International Inc · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 22087.05 · debtor: ABS Friction Inc. · creditor: Kintetsu World Express (Canada) Inc. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 791 · debtor: ABS Friction Inc. · creditor: Kurita Canada Inc. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 1340.61 · debtor: ABS Friction Inc. · creditor: Label Design Ltd. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 3170.88 · debtor: ABS Friction Inc. · creditor: Lex Scientific Inc. · currency: CAD
unsecured creditorsnote: US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 6000.39 · debtor: ABS Friction Inc. · creditor: Link Engineering Co. · currency: CAD
unsecured creditorsnote: US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 10915.1 · debtor: ABS Friction Inc. · creditor: Preferred Tool & Die, Inc. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 3209.39 · debtor: ABS Friction Inc. · creditor: Rite Way Mechanical · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 23084.73 · debtor: ABS Friction Inc. · creditor: Specialty Sales & Marketing Inc. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 3412.04 · debtor: ABS Friction Inc. · creditor: Stericycle · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 187.78 · debtor: ABS Friction Inc. · creditor: Windsor Factory Supply Ltd · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 7859.77 · debtor: ABS Friction Inc. · creditor: Wolfpack Packaging · currency: CAD
unsecured creditorsnote: US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 14011.45 · debtor: ABS Friction Inc. · creditor: Xinlida Auto Parts, LLC · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 3996.81 · debtor: ABS Friction Inc. · creditor: Graff Diamond Products Ltd. · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) attached to Trustee's Report, for purposes of Article 3.3(b) of the Proposal · amount: 644.92 · debtor: ABS Friction Inc. · creditor: Air Liquide Canada Inc. · currency: CAD
unsecured creditorsnote: US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). · page: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 8604.07 · debtor: ABS Friction Inc. · creditor: Aqua-Gulf · currency: CAD
unsecured creditorspage: 10 · as of: 2024-11-27 · basis: Trade Creditor Claims per Creditor List (Appendix A) · amount: 3350.45 · debtor: ABS Friction Inc. · creditor: Armour Mechanical Inc. · currency: CAD
recovery outcomeentries: basis: estimated · quote: Based on the Claims of Employee Creditors as calculated by the Company, and the Claims of Unsecured Creditors that are not employees (trade creditors) as set out in the Creditor List attached hereto as Appendix 'A', subject to the final total value of the pool of Proven Claims of Unsecured Creditors, the Trustee estimates that the Unsecured Creditors will receive a dividend of 100% of their Proven Claim (less the Superintendent's Levy of approximately 5%). · pct of: proven_claims · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: less the Superintendent's Levy of approximately 5% · claims qualifier: unstated; basis: liquidation_alternative · quote: In a bankruptcy scenario, it is anticipated that Nutaratori Capital will enforce on its security such that there will be no surplus funds available for distribution to Unsecured Creditors . · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: As a result, in the event of a bankruptcy there would be no funds available for Unsecured Creditors . · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-12-05 · table missing: