Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 11 January 2018
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 filing5 verified
- secured creditorsnote: Outstanding balance of the Loan (including accrued interest, fees and expenses) stated as 'approximately $27.58 million' as at Dec 27, 2017 (Demand Letter/BIA Notice date). The Company's unaudited 11-month financial statements (as at Nov 30, 2017) separately show Wells Fargo's secured position at $31,044,000 (CAD '000s) in a balance sheet table; the two figures reflect different dates. Bank continued advancing funds post-demand (over-advance grew to ~$3 million by early Jan 2018). · page: 5 · as of: 2017-12-27 · amount: 27580000 · debtor: Hamilton Specialty Bar (2007) Inc. · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: First ranking security over all of the Assets, pursuant to Loan Agreements and an Intercreditor Agreement
- financial positionnote: Excess of total liabilities over total assets of $113,884,000 (CAD '000s) per the Company's unaudited 11-month financial statements ended Nov 30, 2017; liabilities include secured creditors (Wells Fargo $31,044,000; Bain $74,415,000; Woodside $8,143,000) totaling $113,602,000, plus accounts payable and other liabilities of $52,265,000. · page: 8 · as at: 2017-11-30 · basis: Unaudited 11-month financial statements; total assets figure is net book value excluding other assets and intangibles · scope: Entity level - Hamilton Specialty Bar (2007) Inc. · currency: CAD · total assets: 51982000 · total liabilities: 165867000
- secured creditorsnote: Related party: Bain is one of two groups primarily controlling HSB Acquisition, L.P., the parent of HSB. Prose in report approximates this at '$74.42 million'; exact figure per unaudited 11-month financial statements table (Nov 30, 2017) is $74,415 thousand. EYI expects no recovery for any creditor other than first secured creditor Wells Fargo. · page: 8 · as of: 2017-11-30 · amount: 74415000 · debtor: Hamilton Specialty Bar (2007) Inc. · creditor: Bain group · currency: CAD · security: Subordinated debt; classified as a 'Secured Creditor' in Company's unaudited balance sheet
- secured creditorsnote: Related party: Woodside is one of two groups primarily controlling HSB Acquisition, L.P., the parent of HSB. Prose in report approximates this at '$8.14 million'; exact figure per unaudited 11-month financial statements table (Nov 30, 2017) is $8,143 thousand. EYI expects no recovery for any creditor other than first secured creditor Wells Fargo. · page: 8 · as of: 2017-11-30 · amount: 8143000 · debtor: Hamilton Specialty Bar (2007) Inc. · creditor: Woodside group · currency: CAD · security: Subordinated debt; classified as a 'Secured Creditor' in Company's unaudited balance sheet
- recovery outcomeentries: basis: estimated · quote: Based on a high level review of the accounts receivable aging and collection patterns, a recent offer received by the Company for its real estate, and appraisals received by the Company for its machinery and equipment as well as inventory, EYI expects that there will be no recovery for any creditors with the exception of the first secured creditor, namely Wells Fargo. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · class label: Wells Fargo · creditor name: Wells Fargo · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on a high level review of the accounts receivable aging and collection patterns, a recent offer received by the Company for its real estate, and appraisals received by the Company for its machinery and equipment as well as inventory, EYI expects that there will be no recovery for any creditors with the exception of the first secured creditor, namely Wells Fargo. · pct of: unstated · outcome: nil · stated by: receiver · class label: creditors other than Wells Fargo · interim final: unstated · claims qualifier: unstated · stated on: 2018-01-11 · table missing: