Rutmet Inc.

Rutmet Inc. is in receivership proceedings before the Ontario Superior Court of Justice, commenced by an application filed February 13, 2020 and again on February 17, 2020, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The application, brought by TransAsia Private Capital Limited, as manager for the Asian Trade Finance Fund and Asian Trade Finance Fund 2, and TA Private Capital Security Agent Ltd., proposed Grant Thornton Limited as receiver of Rutmet. Rutmet is secured to TA Limited, as manager of Asian Trade Finance Fund 2, under a US$60,000,000 facility dated May 25, 2019, secured by an assignment of receivables, a general security agreement, and a guarantee from UD Trading Group Holding Pte Ltd., and to TA Limited under a US$9,900,000 facility dated June 28, 2017, secured by a first-ranking charge over Rutmet's personal property.