British Columbia · Receivership (court-appointed)
Affidavit #1 of James Bruce (Filed January 13, 2023)
Affidavit · 13 January 2023
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What we verified from this filing5 verified
- secured creditorsnote: Per PPSA search results for the Borrower current to Jan 10, 2023 · page: 5 · as of: 2023-01-10 · debtor: The Very Good Food Company Inc. (Borrower) · creditor: PPSA equipment financiers (PMSI class): Reiser (Canada) Co., Modern Forklift Services Ltd., Ford Credit Canada Leasing (Division of Canadian Road Leasing Company), C.T. Control Temp Ltd. · currency: CAD · security: PPSA registrations pertaining to specific pieces of equipment or vehicles
- secured creditorsnote: PPSA registration per search results current to Jan 10, 2023 · page: 6 · as of: 2023-01-10 · debtor: The Very Good Food Company Inc. (Borrower) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Cash collateral confirmation agreement securing credit cards, limited to $100,000.00 (stated as a registration/facility extent, not a balance); also counterparty to the Blocked Account Agreement dated Sept 12, 2022 (security interest in Borrower's RBC accounts granted in favour of Waygar)
- secured creditorspage: 6 · as of: 2023-01-11 · debtor: The Cultured Nut Inc. (CNI) · creditor: Bodkin (a Division of Bennington Financial Corp.) · currency: CAD · security: PPSA registration pertaining to certain leased equipment, registered prior in time to Waygar's registration against CNI
- secured creditorsnote: PPSA search current to Jan 11, 2023; UCC search current to Dec 1, 2022 · page: 6 · as of: 2023-01-11 · debtor: VGFC Holdings LLC · creditor: Reiser / Robert Reiser and Company · currency: USD · security: PPSA registration pertaining to specific equipment (registered after Waygar's registration against VGFC); multiple UCC registrations in Delaware
- secured creditorsnote: Total Indebtedness of $8,113,003.68 as at Jan 6, 2023 comprises: $4,359,042.79 principal/interest (revolver facility), $3,001,057.56 principal/interest (term facility), $735,105.00 facility fees, and $17,798.33 legal fees/expenses. Demand letters and BIA s.244(1) notices issued Jan 6, 2023; Debtors waived notice and consented to enforcement on Jan 9, 2023. · page: 7 · as of: 2023-01-06 · amount: 8113003.68 · debtor: The Very Good Food Company Inc. (Borrower); guaranteed by 1218158 B.C. Ltd., 1218169 B.C. Ltd., The Cultured Nut Inc., The Very Good Butchers Inc., Lloyd-James Marketing Group Inc. and VGFC Holdings LLC (Corporate Guarantors) · creditor: Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund L.P. · currency: CAD · security: Credit Agreement dated June 7, 2021 (amended July 6, 2022); Borrower GSA dated June 7, 2021 (PPSA-registered, incl. pledge of shares in the Corporate Guarantors and IP security); unlimited Corporate Guarantees dated June 7, 2021 with corresponding GSAs from each Corporate Guarantor (PPSA-registered); springing Blocked Account Agreement dated Sept 12, 2022 over Borrower's RBC accounts (Activation Notice delivered Sept 23, 2022)