Quebec · CCAA
Pre Filing Report to the Court
Pre-filing report · 19 March 2025
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 filing3 verified
- financial positionnote: Figures taken from Assets and Liabilities tables expressed in CAD 000's; prose describes total assets as approximately $229.3 million (current assets ~$91.6M, non-current assets ~$137.7M) and aggregate outstanding indebtedness as approximately $181.4 million (paras 54, 56). Liabilities table is on page 12; assets table and as-at date stated on page 11. · page: 11 · as at: 2024-12-31 · basis: Unaudited, book value, based on the Debtors' books and records · scope: Consolidated basis for Pelican International Inc., Pelican US Topco LLC and Confluence Outdoor Inc. (the Debtors) · currency: CAD · total assets: 229307000 · total liabilities: 181359000
- secured creditorsnote: Proposed Monitor's Canadian and US counsel are conducting a security review, not yet confirmed (para 59). Combined CAD/USD indebtedness under this Credit Agreement described in prose as approximately $130,000,000 (para 74) - see also USD term facility entry for same Credit Agreement. · page: 13 · as of: 2025-03-18 · amount: 39976555 · debtor: Pelican International Inc. and Pelican US Topco LLC (borrowers); Confluence Outdoor Inc. and GSI Outdoors LLC (guarantors) · creditor: National Bank of Canada (as administrative agent, collateral agent and hypothecary representative), Bank of Montreal, Fédération des Caisses Desjardins du Québec, The Toronto Dominion Bank (the 'Lenders') - Revolving Credit Facility · currency: CAD · security: First-ranking liens against all of the Debtors' property in Canada and the United States, per Credit Agreement dated December 15, 2023 (amended five times through Dec. 30, 2024); revolving credit facility with a maximum amount of CAD $175,000,000 (facility limit, not balance)
- secured creditorsnote: Proposed Monitor's Canadian and US counsel are conducting a security review, not yet confirmed (para 59). Combined CAD/USD indebtedness under this Credit Agreement described in prose as approximately $130,000,000 (para 74) - see also CAD revolving facility entry for same Credit Agreement. · page: 13 · as of: 2025-03-18 · amount: 62670339 · debtor: Pelican International Inc. and Pelican US Topco LLC (borrowers); Confluence Outdoor Inc. and GSI Outdoors LLC (guarantors) · creditor: National Bank of Canada (as administrative agent, collateral agent and hypothecary representative), Bank of Montreal, Fédération des Caisses Desjardins du Québec, The Toronto Dominion Bank (the 'Lenders') - Term Facility · currency: USD · security: First-ranking liens against all of the Debtors' property in Canada and the United States, per Credit Agreement dated December 15, 2023 (amended five times through Dec. 30, 2024); term facility with a maximum principal amount of US $60,000,000 (facility limit, not balance)