Proceedings.

9525-4223 Québec Inc. and 9525-4231 Québec Inc. (formerly IntelGenx)

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Closed
Proceeding
CCAACCAA
Court
Superior Court of Québec
File
500-11-064115-245
Filings held40
Last activity16 Jan 2025
On the record857 days
Secured debt$9.5M
OverviewSummary updated

9525-4223 Québec Inc. and 9525-4231 Québec Inc., formerly IntelGenx, are the subject of bankruptcy proceedings under the Bankruptcy and Insolvency Act before the Superior Court of Québec, Commercial Division, under court file no. 500-11-064115-245. The proceedings were commenced on May 17, 2024 by an initial order made that day. The file remains active. The record before this page carries no further dated steps in the proceeding.

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Case updates40 dated entries
#Order

Initial order made, commencing these BIA proceedings in respect of the two Québec companies formerly operating as IntelGenx under court file no. 500-11-064115-245.

Source: Initial Order

Parties

Debtor

9525-4223 Québec Inc. and 9525-4231 Québec Inc. (formerly IntelGenx)

Monitor

EY

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice MichelinSuperior Court of Québec6 orders, May 2024 – Jan 20259 cases on record
Justice CollierSuperior Court of Québec3 orders, May 202421 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorEYMcCarthy Tétrault LLP · Osler, Hoskin & Harcourt LLP · Hoskin & Harcourt LLP17 May 2024Order · 29 Aug 2024
Applicant9525-4223 Québec Inc. and 9525-4231 Québec Inc. (formerly IntelGenx)McCarthy Tétrault LLP17 May 2024Order · 17 May 2024
Interim lenderNorton Rose Fulbright Canada LLP17 May 2024Order · 17 May 2024
CreditorAppiicantsMcCarthy Tétrault LLP29 Aug 2024Order · 29 Aug 2024
CreditorAtai Life Science AGNorton Rose Fulbright Canada LLP24 May 2024Service list · 24 May 2024
Creditoratai Life Sciences AGNoah Zucker Mtre. Charlotte Dion Norton Rose Fulbright LLP · Noah Zucker Mtre. Charlotte Dion Norton Rose Fuibright LLP · Norton Rose Fulbright Canada LLP27 Aug 2024Order · 30 Sep 2024
Capital structureAs asserted in the filings
USD · stated amounts, drawn to scale
Priority classCreditorAmountSource
SecuredAtai Life Sciences AGSecured by all present and future movable property, rights and assets of IntelGenx Corp., excluding intellectual property/technology (except non-licensed IP added by 2023 amendment); convertible into common shares at atai's option (US$0.185 conversion price); $8.5M tranche matures January 5, 2025; additional $1M First Tranche Term Loan matures February 1, 2026. — Monitor's Report (May 17, 2024, para 22) describes this facility only as an '$8.5M' secured loan at 8% (rounded prose figure). Exact dated principal outstanding per Q1-2024 interim financial statements (Note 9) is $9.5M as at March 31 · as of 31 Mar 2024$9.5M USDReport of the Proposed Monitor
SecuredAtai Life Sciences AGSecured term loan bearing interest at 14% per annum; granted December 5, 2023; principal and interest due from 35% of proceeds of each equity-financing closing, with any remaining balance due December 31, 2024. — Related party: Atai is a significant shareholder/insider of IntelGenx Technologies Corp. (beneficial ownership/control >10% of outstanding shares) and is described in the Monitor's Report as the Applicants' 'principal secured creditor'. Term loan balance unchanged from Dec 31, 2023 to Mar 31, 2024. — debtor: IntelGenx Corp. · as of 31 Mar 2024$500K USDReport of the Proposed Monitor
Sale processAs stated in the filings

Bid deadline

28 August 2024

Procedures

Phase 1 deadline

15 July 2024

Procedures

RecoveriesAs stated in the filings

Unsecured creditors: no distribution.EstimatedThird Report of the Monitor · 27 Sep 2024

ClassCreditorClaimsRecoveryBasisSource
Unsecured——no distributionEstimatedper the monitorThird Report of the Monitor · 27 Sep 2024
Equityholders of IntelGenx Tech's common shares—no distributionper the debtorApplication for the Issuance of an Approval, Assignment and Vesting… · 20 Sep 2024

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

Estate financialsReported figures — never derived
Total assets at filing$6.55M USD
Total liabilities at filing$21.9M USD

As at 31 Mar 2024 · per Unaudited draft/management-prepared consolidated interim financial statements; Monitor states these do not reflect adjustments to book value of assets for the contemplated restructuring nor liabilities that may arise from CCAA claims · Consolidated - IntelGenx Technologies Corp. and its subsidiaries, including IntelGenx Corp. — Monitor's Report (para 20.4) states consolidated liabilities totalling $21.9M (rounded) and shareholders' capital of $69.2M with accumulated deficit/OCI of $84.5M as at March 31, 2024. Total assets of $6,548,000 per the interim financial statements' MD&A (Appendix A). Resulting shareholders' deficit of $15.4M as at March 31, 2024, up from $12.3M at Dec 31, 2023 and $3.4M at Dec 31, 2022.

Documents
40 filings
DateDocumentFile
Order for Stay Extension to June 20, 2025, CCAA Termination and Monitor Discharge
  • Order date 16 January 2025
  • Presiding officer Justice Janet Michelin
  • Stay extended to 20 June 2025
PDF
Application for a Stay Extension, CCAA Termination and Monitor Discharge OrderPDF
Fourth Report of the MonitorPDF
Monitor’s Certificate (in french)PDF
Approval and Reverse Vesting OrderPDF
Order Extending the Stay Period to January 17, 2025, Expanding the Powers of the Monitor and WEPPA
  • Counsel Hugo Babos-Marchand Mtre. François Alexandre Toupin McCarthy Tétrault LLP
  • Order date 30 September 2024
  • Presiding officer Justice Janet Michelin
  • Stay extended to 17 January 2025
PDF
Order to cancel and write-off (in French)
  • Presiding officer Justice Janet Michelin
PDF
Blackline – Schedule E to Amended & Restated Purchase Agreement (Pre-Closing Reorganization - Transaction Steps) – 27 September 2024PDF
Information to Access the September 30, 2024 MeetingPDF
Schedule E to Amended & Restated Purchase Agreement (Pre-Closing Reorganization - Transaction Steps) – 27 September 2024PDF
Third Report of the Monitor
  • Recovery outcome Entries: per unstated · Stated on: 2024-09-27 · Table missing:
PDF
Blackline - Proposed Approval OrderPDF
Blackline – Purchase AgreementPDF
Blackline – Schedules to Amended & Restated Purchase Agreement – 26 September 2024 (Redacted)PDF
Exhibit R-1A - Proposed Approval OrderPDF
Exhibit R-2A – Purchase AgreementPDF
Blackline – Proposed Pre-Closing Reorganization StructurePDF
Exhibit R-5A – Proposed Pre-Closing Reorganization Structure
  • Secured creditors Note: Document is a proposed reorganization structure presentation; it refers to principal and accrued/unpaid interest on the 'Secured Debt owing to Atai' but does not quantify the balance. Plan contemplates Atai assigning the Secured Debt to New ParentCo for a purchase price equal to its FMV plus accrued interest. · Page: 4 · Debtor: IntelGenx Corp. (IGX) · Creditor: Atai · Currency: CAD · Security: Secured Debt (specific amount not stated in document; referenced only as 'the Secured Debt' with fair market value to be determined)
PDF
Application for the Issuance of an Approval, Assignment and Vesting Order and Ancillary Relief
  • Recovery outcome Entries: per unstated; per unstated · Table missing:
PDF
Order Extending the Stay Period to October 11, 2024
  • Counsel Hugo Babos-Marchand Mtre. François Alexandre Toupin McCarthy TétraultLLP
  • Order date 29 August 2024
  • Presiding officer Justice Janet Michelin
  • Stay extended to 11 October 2024
PDF
Second Report of the MonitorPDF
Application for the Issuance of an Order Extending the Stay Period to October 11, 2024
  • Counsel Norton Rose Fulbright LLP
PDF
Press ReleasePDF
Procedures
  • Bid deadline 28 August 2024
  • Phase1 deadline 15 July 2024
PDF
TeaserPDF
Reasons for Issuing the Amended Restated Order
  • Presiding officer Justice Janet Michelin
PDF
Amended and Restated Initial Order
  • Order date 27 May 2024
  • Stay expiry 30 August 2024
PDF
La Presse+PDF
Order approving a sale and investment solicitation process and Approving a Stalking Horse agreement of purchase and sale
  • Bid deadline 28 August 2024
  • Order date 27 May 2024
  • Phase1 deadline 15 July 2024
  • Presiding officer Justice Janet Michelin
PDF
The Globe and MailPDF
First Report of the MonitorPDF
Service List
  • Counsel McCarthy Tétrault LLP
PDF
Amended Application for the issuance of an Initial Order and of an Amended and Restated Initial OrderPDF
Book of Exhibits
  • Presiding officer Justice David R. Collier
PDF
List of known creditors as at May 17, 2024PDF
Notice to creditorsPDF
Application for the Issuance of an Initial Order
  • Financial position Assets $6.55M USD · Liabilities $21.9M USD · as at 31 Mar 2024 · per book value, consolidated basis · consolidated - IntelGenx Corp. and IntelGenx Technologies Corp. (the Debtors) — CAD equivalents also stated: total assets CAD 8,873,630.73; total liabilities CAD 29,667,377.32. Asset total detailed on p.14; liability total and its components detailed on p.15. Debtors state they are 'clearly insolvent' since liabilities far exceed assets.
  • Secured creditors Note: Described in the Application as IntelGenx's 'only secured creditor' and 'principal secured creditor'; original Loan Agreement dated March 8, 2021 (amended May 14, 2021) advanced a USD 2,000,000 term loan at 8% interest. Per the Debtors' book value liabilities as of March 31, 2024 (consolidated basis), the Atai secured debt is presented as separate line items: 'Long-term debt (Atai loan payable)' USD 7,649,038, 'Long-term debt (Atai loan payable) third amendment' USD 670,405, and related 'Accrued interest payable' USD 6,900 — not summed here per source presentation (components only, no stated total for this specific debt). Atai also holds ~21.4% of IntelGenx Tech's shares (related party) and is providing post-filing Interim Advances/DIP financing secured by a proposed super-priority Interim Advances Charge. · Page: 11 · As of: 2024-03-31 · Debtor: IntelGenx Corp. · Creditor: Atai Life Sciences AG · Currency: USD · Security: Movable Hypothec (Deed of Hypothec) dated March 8, 2021 registered for a principal sum of CAD $4,000,000 plus 25% interest (registration ceiling, not a balance); Deed of Hypothec on Intellectual Property registered for a principal sum of CAD $17,000,000 plus 25% interest (registration ceiling, not a balance); secured by Guaranty of IntelGenx Technologies Corp. (parent company) dated March 8, 2021 (related party guarantor)
PDF
Initial Order
  • Commencement date 17 May 2024
  • Counsel McCarthy Tétrault LLP
  • Court SUPERIOR COURT
  • Court file no 500-11-064115-245
  • + 4 more extracted facts
PDF
Minutes to a Court Hearing (In French)
  • Presiding officer Justice David R. Collier
PDF
Report of the Proposed Monitor
  • Financial position Assets $6.55M USD · Liabilities $21.9M USD · as at 31 Mar 2024 · per Unaudited draft/management-prepared consolidated interim financial statements; Monitor states these do not reflect adjustments to book value of assets for the contemplated restructuring nor liabilities that may arise from CCAA claims · Consolidated - IntelGenx Technologies Corp. and its subsidiaries, including IntelGenx Corp. — Monitor's Report (para 20.4) states consolidated liabilities totalling $21.9M (rounded) and shareholders' capital of $69.2M with accumulated deficit/OCI of $84.5M as at March 31, 2024. Total assets of $6,548,000 per the interim financial statements' MD&A (Appendix A). Resulting shareholders' deficit of $15.4M as at March 31, 2024, up from $12.3M at Dec 31, 2023 and $3.4M at Dec 31, 2022.
  • Secured creditors $500K USD · Note: Related party: Atai is a significant shareholder/insider of IntelGenx Technologies Corp. (beneficial ownership/control >10% of outstanding shares) and is described in the Monitor's Report as the Applicants' 'principal secured creditor'. Term loan balance unchanged from Dec 31, 2023 to Mar 31, 2024. · Page: 28 · As of: 2024-03-31 · Debtor: IntelGenx Corp. · Creditor: Atai Life Sciences AG · Security: Secured term loan bearing interest at 14% per annum; granted December 5, 2023; principal and interest due from 35% of proceeds of each equity-financing closing, with any remaining balance due December 31, 2024.
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “9525-4223 Québec Inc. and 9525-4231 Québec Inc. (formerly IntelGenx)” (CCAA), Superior Court of Québec. Retrieved 20 September 2026, https://proceedings.ca/case/9525-4223-qu-bec-inc-and-9525-4231-qu-bec-inc-formerly-intelgenx

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/9525-4223-qu-bec-inc-and-9525-4231-qu-bec-inc-formerly-intelgenx

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.