#Order
Endorsement of Justice Myers re: Recognition of Confirmation of Plan and Foreign Orders — Endorsement / reasons
Ligado Networks LLC et al.
FollowActive
- Proceeding
- Foreign recognition (CCAA)section 46 of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C 36, as amended
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-25-00734802-00CL
Filings held20
Last activity9 Oct 2025
On the record613 days
Secured debt$5.49B
OverviewSummary updated
Ligado Networks LLC and affiliates, including the Canadian debtors Networks Corp., Holdings and Networks Inc., commenced BIA proceedings in Ontario on January 16, 2025, which remain active. Consolidated unaudited statements at September 30, 2024 showed total assets of USD 2.6 billion against total liabilities of USD 8.7 billion; the Canadian debtors alone carried book assets and liabilities of approximately $6 million each at November 30, 2024, excluding intercompany items and their guarantees of the group's secured debt. That debt included approximately $5.5 billion of first lien notes, $122.3 million of senior pari and $319.5 million of first-out term loans, approximately $591.5 million of 1.5 lien loans and approximately $2.0 billion of second lien notes, with forbearances extended to February 7, 2025. An interim DIP order of January 7, 2025 authorized an initial draw of up to $12,000,000, with the DIP charge ranking behind only the proposed administration charge.
Proceedings AIAsk this case — answers cite the filings
Case updates21 dated entries
#Filing
Motion Record (Recognition of Foreign Orders, returnable February 10, 2025) — Application / notice of application
Parties
Debtor
Ligado Networks LLC et al.
Trustee in bankruptcy · Information officer
FTI
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 4 orders, Feb 2025 | 288 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Foreign representativeLigado Networks LLC | Dentons Canada LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
| CreditorAd Hoc Cross-Holder Group | Blake, Cassels & Graydon LLP · Stikeman Elliott LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
| CreditorInformation Officer | Stikeman Elliott LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
| CreditorU.S | Foley & Lardner LLP · Stikeman Elliott LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Prepetition First Lien Noteholders (U.S. Bank National Association, as Prepetition First Lien Notes Trustee and Collateral Trustee)as of the date hereof (Restructuring Term Sheet) — Perfected first-priority liens on and security interests in substantially all of the Debtors' assets (the "Prepetition Collateral"), other than excluded property; pari passu with the Prepetition First Lien Loan Facility — Prose states approximately $5.5 billion in principal and accrued interest outstanding as of the Petition Date (p.105). Originally issued at $2.85 billion aggregate principal (Oct. 2020); increased by a $25.1 million consent fee (Dec. 2022) and amendments permitting incremental notes not exceeding $75,000,000 (May 2024). Guara | $5.49B USD | Application Record of Ligado Networks LLC |
| Secured | Prepetition Second Lien Noteholders (Wilmington Savings Fund Society, FSB, as Trustee, successor to U.S. Bank National Association)as of the date hereof (Restructuring Term Sheet) — Perfected second-priority liens on Prepetition Collateral, junior to Prepetition First Lien Debt and Prepetition 1.5 Lien Facility; guaranteed on a second-lien priority basis by the same subsidiaries guaranteeing the First Lien Notes and 1.5 Lien Facility — Prose states approximately $2.0 billion in principal and accrued interest outstanding as of the Petition Date (p.111). Originally issued at $1.0 billion aggregate principal (Oct. 2020) at 75% issue price. Subject to 2L Forbearance Agreement (extended to Feb. 7, 2025) due to anticipated paym | $2.05B USD | Application Record of Ligado Networks LLC |
| Secured | Prepetition 1.5 Lien Lenders (administrative agent Jefferies Finance LLC)as of the date hereof (Restructuring Term Sheet) — Perfected 1.5-priority liens on Prepetition Collateral, junior to Prepetition First Lien Debt and senior to Prepetition Second Lien Notes; guaranteed by Ligado's material subsidiaries on a 1.5-priority basis — Prose states approximately $591.5 million in principal and accrued interest outstanding as of the Petition Date (p.109). Subject to 1.5L Forbearance Agreement (extended to Feb. 7, 2025) due to anticipated payment default at Feb. 2, 2024 (later May 1, 2024) maturity; default interest add-on of 2.00%. — debtor: Ligado Networks LLC | $592M USD | Application Record of Ligado Networks LLC |
| Secured | Prepetition First Lien First Out Lenders (administered by U.S. Bank Trust Company, National Association)as of the date hereof (Restructuring Term Sheet) — Perfected first-priority liens on Prepetition Collateral, pari passu with the Prepetition First Lien Notes; ranks senior in right of payment to all other Prepetition First Lien Debt ("first out") — Facility originally sized up to approximately $141.0 million (p.104); increased via multiple amendments (Apr. 2023 through Dec. 2024). Capital structure table (p.100) shows approximate principal outstanding of $319.5 million as of the Petition Date. Bears default interest 17.5% PIK since Nov. 1, 2023 maturity; subject to 1L Loan Forbearance Agreemen | $319M USD | Application Record of Ligado Networks LLC |
| Secured | Prepetition First Lien Senior Pari Lenders (administered by U.S. Bank Trust Company, National Association)as of the date hereof (Restructuring Term Sheet) — Perfected first-priority liens on Prepetition Collateral, pari passu with the Prepetition First Lien Notes and the First Lien First Out Term Loans (except as to payment priority) — Facility limit approximately $122.3 million (p.104), matching outstanding balance. Capital structure table (p.100) shows approximate principal outstanding of $122.3 million as of the Petition Date. Subject to 1L Loan Forbearance Agreement (extended to Feb. 7, 2025). — debtor: Ligado Networks LLC | $122M USD | Application Record of Ligado Networks LLC |
Estate financialsReported figures — never derived
Total assets at filing$2.6B USD
Total liabilities at filing$8.7B USD
As at 30 Sep 2024 · per Compiled quarterly consolidated financial statements (unaudited) · Consolidated - all Debtors (Ligado and its U.S. and Canadian subsidiaries) — Separately, as of November 30, 2024, by book value based on unaudited internal financial statements, the Canadian Debtors (Networks Corp., Holdings, Networks Inc.) had total assets of approximately $6 million (excluding intercompany receivables) and total liabilities of approximately $6 million (excluding intercompany payables), of which approximately $1 million were current liabilities; these figures exclude the Canadian Debtors' contingent guarantor obligations under the Prepetition First Lien Notes, Prepetition First Lien Loan Facility, Prepetition 1.5 Lien Loan Facility, and Prepetition Se
Documents
20 filings
| Date | Document | File |
|---|---|---|
Endorsement of Justice Myers re: Recognition of Confirmation of Plan and Foreign Orders
| ||
| Order (Recognition of Confirmation of Plan and Foreign Orders) | ||
Service List
| ||
| Factum of the Applicant (returnable October 9, 2025) | ||
| Third Report of the Information Officer | ||
| Motion Record (Part 1) | ||
| Motion Record (Part 2) | ||
| Second Report of the Information Officer | ||
Amended and Restated Supplemental Order (Foreign Main Proceeding), amending and restating Supplemental Order dated January 16, 2025
| ||
Endorsement of Justice Cavanagh
| ||
Endorsement of Justice Cavanagh, re: Recognition of Foreign Orders
| ||
Initial Recognition Order (Foreign Main Proceeding)
| ||
| Order (Recognition of Foreign Orders, including certain Second Day Orders, the Break-Up Compensation Order and the Final DIP Order) | ||
| Supplemental Order (Foreign Main Proceeding) | ||
First Report of the Information Officer
| ||
| Motion Record (Recognition of Foreign Orders, returnable February 10, 2025) | ||
| Notice of Recognition Orders (Foreign Main Proceeding) | ||
| Factum of the Applicant (Initial Recognition Order and Supplemental Order) | ||
Application Record of Ligado Networks LLC
| ||
Pre-Filing Report of the Proposed Information Officer
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Ligado Networks LLC et al.” (Foreign recognition (CCAA)), Ontario Superior Court of Justice · Commercial List. Retrieved 20 September 2026, https://proceedings.ca/case/ligado-networks-llc-et-al