Quebec · CCAA
First Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor
Pre-filing report · 13 December 2019
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing5 verified
- secured creditorsnote: Co-Applicant/Principal Secured Creditor; amount per Fortress' books and records as of October 31, 2019 ($'000 table) · page: 9 · as of: 2019-10-31 · amount: 69986000 · debtor: Fortress Specialty Cellulose Inc. · creditor: Investissement Québec · currency: CAD · security: Hypothecs on the universality of the assets, tangible and intangible, movable and immovable, present and future, of Fortress Specialty and Fortress Bioenergy
- secured creditorsnote: Co-Applicant/Principal Secured Creditor; amount per Fortress' books and records as of October 31, 2019 ($'000 table) · page: 9 · as of: 2019-10-31 · amount: 50431000 · debtor: Fortress Bioenergy Ltd. · creditor: Investissement Québec · currency: CAD · security: Hypothecs on the universality of the assets, tangible and intangible, movable and immovable, present and future, of Fortress Specialty and Fortress Bioenergy
- secured creditorsnote: Co-Applicant/Secured Creditor, acting as manager and agent under the IAM Loan Agreement and Bridge Financing Agreement · page: 9 · as of: 2019-10-31 · amount: 31811000 · debtor: Fortress Bioenergy Ltd. · creditor: Fiera Private Debt Inc. · currency: CAD · security: Hypothec on the universality of the assets, tangible and intangible, movable and immovable, present and future, of Fortress Bioenergy
- secured creditorsnote: Security described in prose as securing indebtedness 'up to $10M' (facility/security limit), but stated balance owing per Fortress' books as of Oct 31, 2019 is $19,364,000 ($'000 table) · page: 9 · as of: 2019-10-31 · amount: 19364000 · debtor: Fortress Specialty Cellulose Inc. · creditor: International Forest Products LLC · currency: CAD · security: Security interest in Fortress Specialty's wood fiber inventory located at the Pulp Mill (round wood, wood chips, dissolving pulp, supplies, shipping/packaging materials and proceeds thereof)
- secured creditorsnote: Bridge Financing advanced between Sept 1, 2019 and Dec 7, 2019 totaling $9,000,000 ($'000 table); same lenders (IQ and Fiera) acting in distinct capacity as Bridge Lenders · page: 10 · as of: 2019-10-31 · amount: 9000000 · debtor: Fortress Specialty Cellulose Inc. · creditor: Bridge Lenders (Investissement Québec and Fiera Private Debt Inc.) · currency: CAD · security: First ranking secured revolving credit facility under the Bridge Financing Agreement, bearing interest at 10% per annum