Ontario · NOI
First Report to Court dated March 15, 2024
Court officer report · 15 March 2024
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 filing20 verified
- financial positionnote: Total assets/liabilities and components (AP & accruals $2,337K; RBC operating line & overdraft $6,681K; tax payable $390K; payroll liabilities $243K; other current liabilities $2,199K; long-term liabilities $3,044K; SH equity $4,008K) are book values, unaudited, sourced from Igloo's internal financial statements. · page: 6 · as at: 2023-12-31 · basis: unaudited financial statements of Igloo · scope: Igloo Industries Group Ltd. only (entity-level, unconsolidated); NDG North America, LLC is a separate US affiliate not consolidated, though Igloo carries a loan receivable from NDG (~$1.0 million) and an accounts receivable from NDG re inventory (~$0.9 million) within its assets · currency: CAD · total assets: 18902000 · total liabilities: 14894000
- secured creditorsnote: Per unaudited balance sheet line item 'RBC operating line & overdraft', corresponding to the RBC Facility, a $6.5 million revolving demand loan facility under RBC Loan Agreement dated Nov 23, 2022; Company was described as 'fully drawn' on this facility as of the Filing Date (Feb 21, 2024). RBC issued demands and a s.244 BIA notice on Feb 12, 2024 and froze the facility around Feb 22, 2024. · page: 6 · as of: 2023-12-31 · amount: 6681000 · debtor: Igloo Industries Group Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement over all present and after-acquired personal property of the Company; guarantees and postponements of claim from Maria and Stan (~$5.5 million each, stated guarantee amount); collateral mortgage (~$1.0 million) on the Tecumseth Property; guarantee from Export Development Canada (maximum $3.25 million); security interest in NDG Inventory
- secured creditorsnote: Ancillary RBC facility balances as at Filing Date (Feb 21, 2024): Credit Card Facility (limit $150,000) - approx. $30,000 owing; non-revolving term facility (limit approx. $110,000) - approx. nil owing; revolving lease line of credit (limit $250,000) - approx. $18,000 owing. Components not summed. · page: 7 · as of: NOI filing date · debtor: Igloo Industries Group Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Same RBC Loan Agreement security package as RBC Facility (GSA, guarantees, collateral mortgage, EDC guarantee, NDG inventory security interest)
- secured creditorsnote: Described as a subordinated secured lender. · page: 8 · as of: NOI filing date · amount: 292000 · debtor: Igloo Industries Group Ltd. · creditor: Merchant Opportunities Fund Limited Partnership (Merchant Growth) · currency: CAD · security: Accounts receivable factoring facility security interest
- secured creditorsnote: Described as a subordinated secured lender. · page: 8 · as of: NOI filing date · amount: 29000 · debtor: Igloo Industries Group Ltd. · creditor: Chef Choice Equipment Rentals Inc. · currency: CAD · security: Security interest re: financing term loan
- secured creditorsnote: Per PPSA Search Results (Ontario) with currency date Feb 13, 2024; unnamed parties beyond RBC, BDC, Merchant Growth and Chef Choice; Proposal Trustee has not yet reviewed validity/enforceability of these security interests. · page: 8 · as of: 2024-02-13 · debtor: Igloo Industries Group Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Registered security interests in equipment and vehicle leases
- secured creditorsnote: Comprises three BDC facilities (maximum principal amounts, not balances): 2019 BDC Facility ($750,000 max), 2020 'COVID-19' BDC Facility ($850,000 max), 2022 BDC Facility ($750,000 max). · page: 8 · as of: NOI filing date · amount: 1300000 · debtor: Igloo Industries Group Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreements over the Company's assets in favour of BDC; guarantees of Maria and Stan (Maria did not guarantee the 2022 BDC Facility)
- unsecured creditorsnote: Employees/contractors either did not cash or the Company postponed their compensation cheques due to liquidity issues. · page: 8 · as of: NOI filing date · basis: Proposal Trustee's understanding, per Company's records as noted in Snieg Affidavit · amount: 300000 · debtor: Igloo Industries Group Ltd. · creditor: Employees and contractors (pre-filing compensation) · currency: CAD
- unsecured creditorsnote: Deemed trust class claim (unremitted source deductions). · page: 8 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 400000 · debtor: Igloo Industries Group Ltd. · creditor: Canada Revenue Agency - source deductions · currency: CAD
- unsecured creditorsnote: Deemed trust class claim (unremitted HST). · page: 8 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 400000 · debtor: Igloo Industries Group Ltd. · creditor: Canada Revenue Agency - HST · currency: CAD
- unsecured creditorsnote: Ordinary unsecured claim for pre-filing corporate income taxes (not deemed trust). · page: 8 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 300000 · debtor: Igloo Industries Group Ltd. · creditor: Canada Revenue Agency - corporate income taxes · currency: CAD
- unsecured creditorsnote: Rent arrears inclusive of HST; landlord holds a deposit equal to one or two months' rent; pre-Filing Date arrears expressly not compromised by later lease exit agreement. · page: 9 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 69000 · debtor: Igloo Industries Group Ltd. · creditor: Concord Lease landlord (Condor Properties Ltd.) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors for this aggregate figure. · page: 9 · as of: NOI filing date · basis: Company's books and records, estimated arms-length unsecured obligations as at the Filing Date · amount: 2400000 · debtor: Igloo Industries Group Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Rent arrears inclusive of HST; landlord holds a deposit equal to one or two months' rent; lease subsequently disclaimed effective April 10, 2024. · page: 9 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 52000 · debtor: Igloo Industries Group Ltd. · creditor: Barrie Lease landlord · currency: CAD
- unsecured creditorsnote: Related-party unsecured loans made to the Company by the Individuals and certain family members. · page: 9 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 1700000 · debtor: Igloo Industries Group Ltd. · creditor: Unsecured loans - Maria Snieg, Stanislaw Snieg and certain family members · currency: CAD
- unsecured creditorsnote: Rent arrears inclusive of HST; landlord holds a deposit equal to one or two months' rent. · page: 9 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 79000 · debtor: Igloo Industries Group Ltd. · creditor: 124 Norfinch Lease landlord · currency: CAD
- unsecured creditorsnote: Rent arrears inclusive of HST; landlord holds a deposit equal to one or two months' rent; lease subsequently terminated Feb 28, 2024. · page: 9 · as of: NOI filing date · basis: As noted in Snieg Affidavit · amount: 21300 · debtor: Igloo Industries Group Ltd. · creditor: 375 Norfinch Lease landlord · currency: CAD
- secured creditorsnote: Guarantee stated elsewhere in report as totalling approximately $5.5 million (guarantee limit); RBC demanded full payment of guaranteed amount by Feb 22, 2024, failing which RBC would enforce the guarantee and its mortgage over the Tecumseth Property. Represents approx. 85% of Maria's known liabilities. · page: 10 · as of: RBC Individual Demands (2024-02-12), payment demanded by 2024-02-22 · amount: 3300000 · debtor: Maria Snieg · creditor: Royal Bank of Canada · currency: CAD · security: Personal guarantee of Company's RBC obligations; collateral mortgage on the Tecumseth Property (co-owned development property)
- secured creditorsnote: Described as the Individuals' only other significant debt; HELOC proceeds were loaned to the Company to finance inventory purchases. · page: 10 · amount: 550000 · debtor: Maria Snieg and Stanislaw Snieg · creditor: Bank of Montreal · currency: CAD · security: Home equity line of credit (HELOC) - not explicitly described as secured in the document, but a HELOC is by nature secured against home equity
- secured creditorsnote: Guarantee stated elsewhere in report as totalling approximately $5.5 million (guarantee limit); RBC demanded full payment of guaranteed amount by Feb 22, 2024, failing which RBC would enforce the guarantee and its mortgage over the Tecumseth Property. Represents approx. 94% of Stan's known liabilities. · page: 10 · as of: RBC Individual Demands (2024-02-12), payment demanded by 2024-02-22 · amount: 3300000 · debtor: Stanislaw Snieg · creditor: Royal Bank of Canada · currency: CAD · security: Personal guarantee of Company's RBC obligations; collateral mortgage on the Tecumseth Property (co-owned development property)