Argex Titanium Inc
- Proceeding
- ProposalSection 50.4(9) of the Bankruptcy and Insolvency Act
- File
- 540-11-010642-199
Argex Titanium Inc. remains in Division I proposal proceedings in Quebec, commenced June 21, 2019 under the Bankruptcy and Insolvency Act. Operations have been funded by a DIP facility secured by a court-approved DIP charge to a maximum of $1,500,000; borrowings totalled $687K as at September 28, 2019 and were forecast to reach $1.3M by November 30, 2019. A proposal funded through a stalking horse bid contemplates payment of up to $200,000 plus accrued interest to holders of Secured Additional Advances, payment in full of the secured convertible debenture holders, payment of employee preferred claims, and a $350,000 basket for unsecured creditors. The stalking horse bidder, M. Alnaimi, a related party holding a $620,000 unsecured claim as at June 19, 2019, has agreed to renounce any dividend on that claim to increase the dividend available to other unsecured creditors.
A claims procedure has been established — see the order for deadlines.
Statement of projected cash flow for the period from September 29 to November 30, 2019 — Cash-flow statement
The officer filed a report. Argex is a pre-revenue, development-stage titanium dioxide company that has not commenced production of TiO2. It continues limited operations (lab, payroll, rent) funded by DIP financing and additional CEO funding while the stalking horse-backed Proposal is put to creditors.
Source: Report of the Trustee on the Financial Situation of the Debtor and on the Proposal
Notice of Proposal to Creditors (including proposal, voting letter and proof of claim) — Proof of claim (blank form)
Statement of projected cash flow for the period from August 24 to October 19, 2019 — Cash-flow statement
Report on the state of the Insolvent Person’s business and financial affairs — Statement of affairs
Third application for the issuance of an order extending the stay of proceedings — Application / notice of application
Statement of projected cash flow for the period from July 7 to August 31, 2019 — Cash-flow statement
Second application for the issuance of an order extending the stay of proceedings — Application / notice of application
Application for the issuance of an order extending the stay of proceedings — Application / notice of application
Debtor
Argex Titanium Inc
Proposal trustee
PwC
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | DIP Lender (DIP Facility) · in 6 casesDIP Charge, court-approved maximum $1,500,000 — DIP received as at September 28, 2019 totals $687K; forecasted to reach $1.3M by November 30, 2019 — debtor: Argex Titanium Inc. · as of 28 Sep 2019 | $687K | Report on the state of the Insolvent Person’s business and financial affairs |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
5 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: a distribution.Under the plan · sanctionedReport of the Trustee on Proposal · 23 Dec 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | paid in full | Under the plansanctionedper the trustee | Report of the Trustee on Proposal · 23 Dec 2019 |
| Preferred | — | — | paid in full | Under the plansanctionedper the trustee | Report of the Trustee on Proposal · 23 Dec 2019 |
| Unsecured | — | — | Under the plansanctionedper the trustee | Report of the Trustee on Proposal · 23 Dec 2019 |
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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
Cash on hand
$114K
As at 8 Nov 2019Report of the Trustee on the Financial Situation of the Debtor and on the Proposal
Professional fees
As at
1 more reported figure, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Order approving the proposal | PDF · Subscribers | |
| Application to approve a proposal | PDF · Subscribers | |
Report of the Trustee on Proposal
| PDF · Subscribers | |
| Notice of hearing of application for court approval of proposal | PDF · Subscribers | |
| Statement of projected cash flow for the period from September 29 to November 30, 2019 | PDF · Subscribers | |
| Notice of Proposal to Creditors (including proposal, voting letter and proof of claim) | PDF · Subscribers | |
| Proof of Claim | PDF · Subscribers | |
Report of the Trustee on the Financial Situation of the Debtor and on the Proposal
| PDF · Subscribers | |
| Voting Letter | PDF · Subscribers | |
| Proposal | PDF · Subscribers | |
| Statement of projected cash flow for the period from August 24 to October 19, 2019 | PDF · Subscribers | |
| Third order extending the delay for filing a proposal | PDF · Subscribers | |
Report on the state of the Insolvent Person’s business and financial affairs
| PDF · Subscribers | |
| Third application for the issuance of an order extending the stay of proceedings | PDF · Subscribers | |
| Statement of projected cash flow for the period from July 7 to August 31, 2019 | PDF · Subscribers | |
| Second order extending the delay for filing a proposal | PDF · Subscribers | |
| Second application for the issuance of an order extending the stay of proceedings | PDF · Subscribers | |
| Order extending the delay for filing a proposal | PDF · Subscribers | |
Application for the issuance of an order extending the stay of proceedings
| PDF · Subscribers | |
Order
| PDF · Subscribers | |
Application for the issuance of an order approving (i) DIP financing, (ii) Priority Charges, (iii) a Key Employee Retention Program, and (iv) an Investment and Sale Solicitation Process
| PDF · Subscribers | |
Notice of Filing of Intention to Make a Proposal
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Argex Titanium Inc” (Proposal), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/argex-titanium-inc