British Columbia · CCAA
Pre-filing Report of the Proposed Monitor, dated April 24, 2024
Pre-filing report · 24 April 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- secured creditorsnote: Report para 3.3 describes the 'Wells Fargo Syndicate' as including EDC together with Wells Fargo Canada/LLC as the Group's operating lenders; however Appendix A's debt-to-collateral and assets-to-debt schedules present EDC as a separate secured creditor with its own $3M facility distinct from this $160M facility (see separate EDC entry) · page: 7 · as of: Filing Date · amount: 160000000 · debtor: Teal Jones Holdings Ltd. and its subsidiaries (the Petitioners) · creditor: Wells Fargo Syndicate (Wells Fargo Capital Finance Corporation Canada, as agent, and Wells Fargo Capital Finance LLC) · currency: CAD · security: First lien on Tenure Licenses (TFL 46, A9201), revolving asset-based collateral, equipment and AR1 duty refund; also holds second lien on Surrey Property/Equipment and Sumas Dry Kilns; total of $160M comprises $54M revolving ABL, $67M tenure loan, $25M equipment loan, $4M AR1 duty refund loan, and $10M bridge loan
- secured creditorsnote: Marked 'EXCLUDED FROM FILING' in Appendix A schedule — this debt and its debtor/collateral are not part of the CCAA Petitioners' group · page: 10 · as of: Filing Date · amount: 43000000 · debtor: Louisiana property-holding entity (56.8% Teal-Jones Group interest) — non-Petitioner · creditor: B1Bank · currency: CAD · security: Construction loan secured against the Louisiana mill property, currently under construction
- secured creditorsnote: Total debt figure taken from Group's Debt-to-Collateral schedule (Appendix A); component loan amounts are stated for HSBC+BDC combined, not BDC alone · page: 10 · as of: Filing Date · amount: 32000000 · debtor: Teal Jones Holdings Ltd. and its subsidiaries (the Petitioners) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Pari passu first lien (with HSBC) on Surrey, BC real property and Surrey machinery & equipment; combined HSBC/BDC total debt of $74M comprises a $48M property loan and $16M equipment loan (each split equally between HSBC and BDC)
- secured creditorsnote: Total debt figure taken from Group's Debt-to-Collateral schedule (Appendix A); component loan amounts are stated for HSBC+BDC combined, not HSBC alone · page: 10 · as of: Filing Date · amount: 42000000 · debtor: Teal Jones Holdings Ltd. and its subsidiaries (the Petitioners) · creditor: HSBC Bank Canada · currency: CAD · security: Pari passu first lien (with BDC) on Surrey, BC real property and Surrey machinery & equipment; combined HSBC/BDC total debt of $74M comprises a $48M property loan and $16M equipment loan (each split equally between HSBC and BDC) plus a $10M HSBC bridge loan
- secured creditorspage: 10 · as of: Filing Date · amount: 21000000 · debtor: Teal Jones Holdings Ltd. and its subsidiaries (the Petitioners) · creditor: Bank of America · currency: CAD · security: First lien equipment loan secured against Other Collateralized Machinery & Equipment (US mill equipment)
- secured creditorsnote: Listed as a distinct secured creditor with its own $3M total debt in Appendix A, notwithstanding being named as part of the 'Wells Fargo Syndicate' in report para 3.3 · page: 11 · as of: Filing Date · amount: 3000000 · debtor: Teal Jones Holdings Ltd. and its subsidiaries (the Petitioners) · creditor: Export Development Canada (EDC) · currency: CAD · security: First lien on Sumas Dry Kilns; third lien on Surrey Machinery & Equipment and on Other Collateralized Machinery & Equipment pools per Appendix A assets-to-debt schedule