British Columbia · CCAA
Petition to the Court
Application / notice of application · 22 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 filing9 verified
- applicantChoom Holdings Inc., Choom BC Retail Holdings Inc., 2151414 Alberta Ltd., 2688412 Ontario Inc. and Phivida Holdings Inc.
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- statutory basisCompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- appointeeErnst & Young Inc.
- appointee roleproposed monitor
- financial positionnote: Petitioners reported a working capital deficit of approximately $4,100,000; interest on secured debt in arrears; majority of accounts payable more than 90 days overdue. · page: 9 · as at: 2021-12-31 · basis: Recent Financial Statements (as reported by Petitioners) · scope: Consolidated - Petitioners (Choom Holdings Inc., Choom BC Retail Holdings Inc., 2151414 Alberta Ltd., 2688412 Ontario Inc., and Phivida Holdings Inc.) · currency: CAD · total assets: 19600884 · total liabilities: 22415319
- secured creditorsnote: Security limited to a specific segregated account; excluded from the priority charges granted to the Administration Charge and Interim Lender's Charge. · page: 10 · amount: 46000 · debtor: Choom Holdings Inc. · creditor: Bank of Montreal · currency: CAD · security: Security over a segregated bank account (Base Registration Number 938463L, BC Personal Property Registry) securing amounts owing on a corporate credit card
- secured creditorsnote: Aurora Cannabis Inc. is a strategic/related creditor (holder of secured convertible debenture); relationship to Petitioners not further specified beyond secured creditor status. · page: 10 · amount: 6000000 · debtor: Petitioners (Choom Holdings Inc. and related entities) · creditor: Aurora Cannabis Inc. · currency: CAD · security: Secured convertible debenture pursuant to a security agreement dated June 24, 2020, as amended June 30, 2021
- secured creditorspage: 10 · amount: 4100000 · debtor: Petitioners (Choom Holdings Inc. and related entities) · creditor: 2019 Debenture Holders (group of six debenture holders) · currency: CAD · security: Secured convertible debentures held jointly pursuant to a security agreement dated December 23, 2019, as amended May 13, 2021