Even more details on Pusateri's financial woes:
Pusateri's Bayview Village Limited owes over $10.1 million in liabilities but, allegedly, doesn’t have enough assets to cover the debts
streetsoftoronto.com
Pusateri’s reportedly owes creditors more than $37 million, including $4,948,037.10 to Scotiabank c/o Canaccede International Management Ltd, which is Pusateri’s largest secured creditor. This is according to
notices to creditors published by Albert Gelman Inc., who was appointed as the insolvency trustee for the grocer.
The notices — dated earlier this month on Aug. 13, with the first meeting of creditors scheduled for Aug. 30 — show that Pusateri’s Bayview Village Limited owes over $10.1 million in liabilities but, allegedly, doesn’t have enough assets to cover the debts. The businesses that this location reportedly owes the most money to (unsecured claims) include Pusateri’s Avenue Road ($4,310,560.60), Rahier Patisserie Inc. ($74,744.10), KeHE Distributors ($47,593.91), Lesley’s Party Sandwiches ($31,603.96), Mike’s Seafood – Bayview ($20,697.25), Markham Quality Meats Ltd. ($19,691.28), Bento Sushi ($19,267.29), Dufflet Pastries Inc. ($18,511.70), Protech Plumbing & Drain Service ($18,506.51), Konig Foods ($15,256.73), and Shirini Sara-Pastry House Ltd. ($15,072.80).
Pusateri’s Yorkville Limited location,
which closed at the end of March, has reportedly just over $8 million in liabilities. The businesses that reportedly have the highest unsecured claims include SSK Signs Inc. ($15,485.11), Roltek International Inc. ($9,529.34), Russell Hendrix Foodservice Equipment ($9,040), Rahier Patisserie Inc. ($8,753.50), Mary Macleod’s Shortbread ($8,222.59), Bioraw, The Vegan Broker Inc. ($6,372), Gaucho Pie Co ($6,138.75), Zara’s Gourmet Kitchen ($6,077), Ma’s Best Foods Inc. ($5,130), and KPMG LLP ($4,957.31).
Finally, Pusateri’s Kitchen Limited has reportedly just over $19.3 million in liabilities (this includes over $14.3 million in unsecured claims). As with the other two locations, some of the unsecured debt is owed to Pusateri’s Avenue Road ($13,835,101.44), but other businesses that are reportedly owed the most money (unsecured claims) include Happy Pops Inc. ($117,133.74), Martelli Foods Inc. ($41,729.44), Sugarfina ($23,967.30), Oracle America, Inc ($23,699.98), La Bastille ($21,680.20), Consolidated Bottle Corporation ($18,860), IDA Pusateri ($17,182.48), Commerce Technologies LLC ($15,524), Walker Environmental Group Inc. (14,944.03), and Butter Baked Goods ($14,092).
The unsecured creditors who are reportedly owed the most across all locations (according to the notices) are Happy Pops Inc. ($117,133.74), Rahier Patisserie (about $83,497.60 from two locations); KeHe Distributors ($47,593.91), Martelli Foods Inc. ($41,729.44), and Lesley’s Party Sandwiches ($31,603.96).