British Columbia · CCAA
Affidavit No. 1 of D. Murray
Affidavit · 21 April 2022
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
- financial positionnote: Working capital deficit of approximately $4,100,000 also reported as at December 31, 2021 (group basis); interest on secured debt in arrears and majority of accounts payable >90 days overdue. · page: 8 · as at: 2021-12-31 · basis: unaudited 2021 Financial Statements (Exhibit D) · scope: Total assets stated for the Petitioners (Choom, BC Op Co, AB Op Co, ON Op Co, Phivida); total liabilities figure is described as consolidated liabilities of the 'Choom corporate group' including the Non Petitioner Subsidiaries (page 7), while page 8 presents it as the Petitioners' total liabilities figure comparator to Petitioners' total assets - scope of the liabilities figure is therefore broader than the Petitioners alone · currency: CAD · total assets: 19600884 · total liabilities: 22415319
- secured creditorsnote: Related parties: Mr. Tong (director) is one of the 2019 Debenture Holders, and Mr. Bogart (director) is related to another. Security originally not properly documented/perfected; new guarantee and security agreements from Op Cos entered pre-filing to give effect to intended security. · page: 10 · amount: 4100000 · debtor: Choom Holdings Inc. and Op Cos (guarantee/security agreements from Op Cos) · creditor: 2019 Debenture Holders (group of six debenture holders) · currency: CAD · security: Secured convertible debentures; joint security agreement dated December 23, 2019, as amended May 13, 2021; matures December 23, 2024
- secured creditorsnote: Principal reduced from original $20.0 million to $6.0 million pursuant to July 8, 2021 restructuring of approximately $25.9 million outstanding debt (of which ~$21.8 million was owing to Aurora). Security originally not properly documented/perfected; new guarantee and security agreements from Op Cos entered pre-filing. · page: 10 · as of: 2021-07-08 · amount: 6000000 · debtor: Choom Holdings Inc. and Op Cos (guarantee/security agreements from Op Cos) · creditor: Aurora Cannabis Inc. · currency: CAD · security: Secured convertible debenture; security agreement dated June 24, 2020, as amended June 30, 2021; matures December 23, 2024
- secured creditorspage: 10 · amount: 46000 · debtor: Petitioners (corporate credit card account holder) · creditor: Bank of Montreal · currency: CAD · security: Security over a segregated bank account holding $46,000 deposited as security for amounts owing on a corporate credit card
- secured creditorsnote: To the best of affiant's knowledge, nothing is currently owing to 420 Investments Ltd.; Petitioners intend to seek discharge of this registration. · page: 11 · debtor: certain of the Petitioners · creditor: 420 Investments Ltd. · currency: CAD · security: Registered financing statement (PPSA)
- secured creditorsnote: Outstanding sales taxes (deemed trust class); majority accrued prior to or in first six months of COVID-19 pandemic; Op Cos still working to address this amount. · page: 11 · amount: 450000 · debtor: Op Cos · creditor: Canada Revenue Agency · currency: CAD