Argex Titanium Inc
Follow- 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
Notice of Proposal to Creditors (including proposal, voting letter and proof of claim) — Proof of claim (blank form)
Report of the Trustee on the Financial Situation of the Debtor and on the Proposal — Court officer report
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 approving (i) DIP financing, (ii) Priority Charges, (iii) a Key Employee Retention Program, and (iv) an Investment and Sale Solicitation Process was filed. Court file 540-11-010642-199.
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 4 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 | Holder(s) of Secured Additional AdvancesSecured Additional Advances — Payment of up to $200,000 plus accrued interest contemplated under Stalking Horse funding plan — debtor: Argex Titanium Inc. | $200K | Report on the state of the Insolvent Person’s business and financial affairs |
| 4 | Secured | Secured convertible debenture holdersSecured convertible debentures — To be paid in full under proposal funding via Stalking Horse bid; amount not stated — debtor: Argex Titanium Inc. | — | Report on the state of the Insolvent Person’s business and financial affairs |
| 8 | Unsecured | M. Alnaimi (Stalking Horse Bidder)Related party - Stalking Horse Bidder; has agreed to renounce any dividend on this unsecured claim to increase dividend to other unsecured creditors — debtor: Argex Titanium Inc. · as of 19 Jun 2019 | $620K | Report on the state of the Insolvent Person’s business and financial affairs |
| 8 | Unsecured | Unsecured creditors (aggregate basket under proposal) · in 532 casesDocument names no individual unsecured creditors; aggregate basket figure only — debtor: Argex Titanium Inc. | $350K | Report on the state of the Insolvent Person’s business and financial affairs |
| 8 | Unsecured | Employees (preferred claims) · in 185 casespreferred - amount not stated — debtor: Argex Titanium Inc. | — | Report on the state of the Insolvent Person’s business and financial affairs |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: 6–13 %.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 | — | — | 6–13 % | 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.
As at 14 Nov 2019 · per Unaudited, Value per Statement of Affairs (SOA) as at Nov. 14, 2019 (in '000s); a separate 'Estimated Net Realizable Value' column shows a liquidation estimate of $150K in assets, and a 'Charge' column shows amounts secured under court-ordered charges totalling $4,980K · Argex Titanium Inc. (single debtor entity), unconsolidated — SOA asset total $6,882K vs. Estimated Net Realizable Value total of only $150K (most assets, e.g. mining properties $1,150K, patents $1,961K, technology development costs $3,375K, valued at nil in liquidation); SOA liability total $5,872K vs. 'Charge' column total $4,980K representing amounts secured by court-approved priority charges (Administration, DIP, KERP, Convertible debentures, Secured advances); liabilities a, b, c and e (post-filing obligations) are excluded from the SOA.
| Date | Document | File |
|---|---|---|
| Order approving the proposal | ||
| Application to approve a proposal | ||
Report of the Trustee on Proposal
| ||
| Notice of hearing of application for court approval of proposal | ||
| Statement of projected cash flow for the period from September 29 to November 30, 2019 | ||
| Notice of Proposal to Creditors (including proposal, voting letter and proof of claim) | ||
| Proof of Claim | ||
Report of the Trustee on the Financial Situation of the Debtor and on the Proposal
| ||
| Voting Letter | ||
| Proposal | ||
| Statement of projected cash flow for the period from August 24 to October 19, 2019 | ||
| Third order extending the delay for filing a proposal | ||
Report on the state of the Insolvent Person’s business and financial affairs
| ||
| Third application for the issuance of an order extending the stay of proceedings | ||
| Statement of projected cash flow for the period from July 7 to August 31, 2019 | ||
| Second order extending the delay for filing a proposal | ||
| Second application for the issuance of an order extending the stay of proceedings | ||
| Order extending the delay for filing a proposal | ||
Application for the issuance of an order extending the stay of proceedings
| ||
Order
| ||
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
| ||
Notice of Filing of Intention to Make a Proposal
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Argex Titanium Inc” (Proposal), Superior Court of Québec. Retrieved 20 September 2026, https://proceedings.ca/case/argex-titanium-inc