Alberta · Proposal
Minutes of the First Meeting of Creditors
Meeting materials · 4 August 2021
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What we verified from this filing1 verified
- unsecured creditorsnote: The underlying Bridging Loan is stated to be secured only by a general security agreement over 'all present and after acquired property of AARDC and all proceeds thereof' (the Bridging Security); the document does not state that 12703131's own property is pledged. 12703131 is described as an obligor (not the primary borrower). The Trustee received a Security Opinion concluding the Bridging Security is 'valid and enforceable as against the Companies' and is prepared to accept the claim, but the security itself is described as attaching to AARDC's assets, so the claim is treated here as unsecured against 12703131's estate. The demand letter of June 8, 2021 stated the debt at approximately $212.9 million (principal ~$145.8M, additional transfers ~$14.2M, interest/penalties ~$52.9M); the exact proof-of-claim figure of $212,891,590.00 reported at the August 4, 2021 meeting is used as the amount. Trustee's Preliminary Report states 12703131 'has no known indebtedness apart from being an obligor of the Bridging Loan' and anticipates no funds available for preferred or ordinary unsecured creditors. · page: 3 · as of: 2021-08-04 · basis: Proof of claim filed (the "Bridging Claim") based on 12703131 being a co-obligor, together with 7198362 Manitoba Ltd., under the Bridging Loan (a non-revolving credit facility) pursuant to the tenth amendment to the term sheet; claim amount reported on the attendance list for the First Meeting of Creditors · amount: 212891590 · debtor: 12703131 Canada Ltd. · creditor: Bridging Income Fund LP (c/o Bridging Receiver, PricewaterhouseCoopers Inc.) · currency: CAD