Instant Brands Inc

Instant Brands Inc. is the applicant in active insolvency proceedings before the Ontario Superior Court of Justice (Commercial List) under court file CV-23-00701159-00CL, brought on the basis of section 46 of the Companies' Creditors Arrangement Act. The debtor group, comprising the Chapter 11 Debtors including the Canadian Debtors, is financed by two secured facilities. The DIP Term Loan Facility, originally committed at US$132.5 million and fully drawn, was upsized by a US$30 million new super senior first-out tranche under the Third DIP Amendment, bringing total commitments to US$162.5 million as at August 16, 2023. Approximately US$121.4 million of Prepetition ABL borrowings outstanding as at the Petition Date, together with approximately US$22.3 million of issued letters of credit, were rolled up into the DIP ABL Facility.