Quebec · CCAA
Tenth Monitor's Report on the Approval of the Proposed Transaction
Court officer report · 10 September 2020
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 filing7 verified
- operational summaryThe Monitor describes the outcome of the SISP culminating in an accepted credit bid from Orion, IQ and Pallinghurst structured as a reverse vesting order transaction that would allow the Debtors to restart and complete the Whabouchi mine and Shawinigan plant, retain substantially all employees, and later propose a plan of arrangement for remaining creditors.
- process resultslois: 13 · ndas: 26 · note: SISP milestones with number of parties at each stage · as of: 2020-07-10 · solicited: 146 · qualified bids: 4
- purchaserprice: note: Consideration includes assumption of Orion Secured Claim ($134,500,000), assumption of JMBM secured claim ($12,000,000), and assumption of various liabilities and obligations; credit bid using Orion Secured Claim as consideration · basis: mixed · sealed: true · currency: CAD · scope: the Nemaska Entities' business and assets (other than certain excluded assets and excluded liabilities) · status: approved · name note: Bid Group comprised of IQ, Pallinghurst (through QLP), Orion, and OMF Cayman · structure: shares · name source: recital · relationship: secured_lender_credit_bid · agreement date: 2020-08-23; Bidder C; Bidder B; Bidder D
- report date10 September 2020
- report noTenth Report
- sale advisorNational Bank Financial (NBC); Clarksons Platou Securities (Clarksons)
- sale outcometext: The Accepted Bid was accepted and the Monitor recommends approval of the Proposed Transaction implemented through an RVO · scope: whole_business · status: pending_approval