Chesswood Group Limited

Chesswood Group Limited is the subject of an active proceeding under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List), court file CV-24-00730212-00CL. As at October 24, 2024, according to a draft Statement of Claim, Chesswood Group Ltd. owed the syndicated lenders under the Syndicated Revolving Credit Facility C$92,797,926.72 and, separately, US$66,254,723.30; the two components are in different currencies and cannot be added, and both exclude unquantified costs, expenses, interest and letter-of-credit amounts. The facility arises under a credit agreement dated January 14, 2022 with an original maximum principal amount of US$300 million. The lending syndicate comprises Royal Bank of Canada, The Toronto-Dominion Bank, The Huntington National Bank, M&T Bank, Canadian Imperial Bank of Commerce and Laurentian Bank of Canada.