Tercon

Tercon entered court-appointed receivership on 14 December 2012 in the Supreme Court of British Columbia under BIA s. 243, on a combined basis covering eleven entities including Tercon Construction Ltd., Tercon Mining Ltd., Tercon Equipment Ltd. and Tercon Alaska Ltd. Unaudited general ledger book values at that date showed cash of $1,414,680, accounts receivable of $5,065,781, interest receivable of $4,814,077, prepaid expenses of $70,370, inventory of $1,044,015 and fixed assets and equipment of $14,202,498 excluding capital leases, with no total liabilities figure stated. Registered secured claims included Dumas Holdings Inc. at $42,150,995, HSBC Bank Canada as administrative agent at $70,000,000 on Tercon's guarantee of the Dumas Holdings debt, and Royal Bank of Canada at $3,217,144. A shortfall on the secured indebtedness was expected, with no monies available to unsecured creditors. The proceeding is closed.