Ontario · CCAA
Application Record - Returnable April 17, 2025
Application / notice of application · 16 April 2025
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 filing7 verified
- financial positionnote: No consolidated total liabilities figure stated; individual entity liabilities are reported separately: EBCL current $54,569,832 + long-term $17,500,369 = $72,070,201 (as at Aug 31, 2024); Yarbridge $8,403,056 (as at Aug 31, 2024); Yarfield $2,454,139 (as at Feb 29, 2024); Trolan $221,816 (as at Sept 30, 2024) · page: 49 · as at: 2024-08-31 · basis: Approximate figure stated in affidavit drawn from the 2024 financial statements of the four Applicants (EBCL and Yarbridge audited to Aug 31, 2024; Trolan compiled/unaudited to Sept 30, 2024; Yarfield audited to Feb 29, 2024) - entities have differing fiscal year-ends · scope: Consolidated - the four Applicants (Earth Boring Co. Limited, Yarbridge Holdings Inc., Trolan Investments Ltd., and Yarfield Services Limited) · currency: CAD · total assets: 83000000
- secured creditorsnote: Affidavit states the Applicants' primary secured creditors (as of Dec 31, 2024) include 'a related party' but does not identify the entity or amount in the pages provided; EBCL's audited FS separately show 'Loans from Related Parties' (long-term) of $14,303,368 as at August 31, 2024, which may relate to this creditor · page: 51 · as of: 2024-12-31 · debtor: EBCL / Trolan / Yarbridge · creditor: Related party (unnamed in provided pages) · currency: CAD
- secured creditorsnote: Affidavit states 'various entities that advanced equipment financing to the Business' are among the Applicants' primary secured creditors as of Dec 31, 2024; no amounts stated in provided pages. Service list identifies entities including Canadian Western Bank Leasing Inc., Meridian OneCap Credit Corp., Kennedy National Leasing Limited, Liebherr Canada Limited, Ford Credit Canada Leasing, Element Fleet Management II Inc., and ATCO Structures & Logistics Ltd. · page: 51 · as of: 2024-12-31 · debtor: EBCL / Trolan / Yarbridge · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Equipment financing (PPSA registrations)
- secured creditorsnote: BMO described as EBCL's principal secured creditor; total is the stated aggregate owed under the Credit Agreement as of April 10, 2025 · page: 52 · as of: 2025-04-10 · amount: 22273506.58 · debtor: Earth Boring Co. Limited (EBCL) · creditor: Bank of Montreal (BMO) · currency: CAD · security: Credit Agreement dated June 22, 2023, as amended July 22, 2024 and March 13, 2025; General Security Agreement dated June 22, 2023; comprises BMO Operating Loan (facility limit $15,000,000; balance ~$15,049,335.63) and BMO Capex Line (facility limit $5,000,000; three active drawdown loan accounts)
- secured creditorsnote: Balance per EBCL's audited FS as at fiscal year end August 31, 2024; affidavit identifies CWB as one of the Applicants' primary secured creditors · page: 141 · as of: 2024-08-31 · amount: 562166 · debtor: Earth Boring Co. Limited (EBCL) · creditor: Canadian Western Bank (CWB) · currency: CAD · security: Secured loan (per Note 8 - Bank Loans, EBCL audited financial statements)
- secured creditorsnote: Amount shown ($4,925,000.00) is the stated 'Principal Sum' of the underlying debt, not a current outstanding balance; EBCL is guarantor for related-party debtor Yarbridge Holdings Inc.'s obligation to BDC · page: 761 · as of: 2019-09-00 · debtor: Yarbridge Holdings Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Guarantee by Earth Boring Co. Limited dated September 2019; unlimited limit of liability
- secured creditorsnote: Amount shown ($2,000,000.00) is the stated 'Principal Sum' of the underlying debt, not a current outstanding balance; EBCL is guarantor for related-party debtor Yarbridge Holdings Inc.'s obligation to BDC · page: 792 · as of: 2020-04-20 · debtor: Yarbridge Holdings Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Guarantee by Earth Boring Co. Limited dated April 20, 2020; unlimited limit of liability