Quebec · CCAA
Motion for an Initial Order, for an Amended and Restated Initial Order and an Order Approving a Sale Solicitation Process (in French)
Application / notice of application · 17 December 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing11 verified
- appointeeErnst & Young Inc.
- courtCOUR SUPÉRIEURE (Chambre commerciale)
- court file no500-11-
- provinceQUÉBEC
- statutory basisArt. 9, 11 et suivants, 11.51, 11.52 et 23 de la Loi sur les arrangements avec les créanciers des compagnies
- applicantIndustries RAD inc. et Rocky Mountain Bikes inc.
- appointee rolecontrôleur
- financial positionnote: Document states liabilities total $75.3M as at Sept 30, 2024; no corresponding total assets figure disclosed on these pages. Underlying financial statements (as at June 30, 2023, June 30, 2024, and Aug 31, 2024) were filed under seal. · page: 16 · as at: 2024-09-30 · basis: Internal consolidated financial statements of the Debtors, filed under seal (pièce R-8) · scope: Consolidated - Industries RAD Inc. and Rocky Mountain Bikes Inc. (the Debtors) · currency: CAD · total liabilities: 75300000
- secured creditorsnote: Stated as 'environ 30,1 M$' (Créance Wells). Detailed as: Marge de crédit $29,702,320.68 (as of Nov 29, 2024) and Prêt à terme $121,666.63 (as of Aug 15, 2024). Excludes corporate guarantees. Debtors currently in default under the Wells credit agreement; tolerance/forbearance arrangements in place. · page: 16 · as of: 2024-11-29 · amount: 30100000 · debtor: Industries RAD Inc. (with Rocky Mountain Bikes Inc. as guarantor of related GSA) · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: Multiple movable hypothecs on the universality of the movable property of Industries RAD and Groupe Procycle inc. (RDPRM registrations 2010-2014), a movable and immovable hypothec of Gestion Immobilière RAD over the Immeubles (2024), General Security Agreements over Industries RAD's assets (Ontario, Alberta, BC PPSR; Washington DC UCC) and over Rocky Mountain US's assets (Delaware UCC); ranking subject to inter-creditor agreements with Investissement Québec ('Convention Wells IQ') and Roynat ('Convention Wells Roynat'); operating line facility limit stated at $55,000,000
- secured creditorsnote: Créance Roynat detailed as: Prêt Refinancement A $7,472,907; Prêt Refinancement B $4,880,690; Prêt Moule A $1,725,600; Prêt Moule B $1,650,000. Excludes corporate guarantees. Capital repayment moratorium granted June-Nov 2024; a Forbearance Agreement (imminent) conditions further moratorium on monthly interest payments on $8,500,000 principal from Immeubles revenues. · page: 18 · as of: 2024-10-31 · amount: 15729197 · debtor: Industries RAD Inc. (Prêts Roynat Refinancement A & B co-borrowed with Gestion Immobilière RAD; Prêts Roynat Moule A & B - Industries RAD only) · creditor: Roynat Inc. · currency: CAD · security: Movable hypothecs on universality of movable property of Industries RAD and Gestion Immobilière RAD (2021, 2023); first-rank movable hypothec on a life insurance policy on Raymond Dutil held by Gestion RAD; immovable hypothec of $8,500,000 (registration ceiling) on the Immeubles, ranking prior to Wells Fargo per inter-creditor agreement; General Security Agreement over Industries RAD assets (Ontario, Alberta, BC PPSR); ranking subject to 'Convention Wells Roynat'
- secured creditorsnote: Créance IQ relates to interest-free 'Prêt D147296' (original principal $181,703). Excludes corporate guarantees. Other IQ loans to the Debtors have been fully repaid. · page: 19 · as of: 2024-11-30 · amount: 30550 · debtor: Industries RAD Inc. · creditor: Investissement Québec · currency: CAD · security: Two movable hypothecs on the universality of movable property of Industries RAD (RDPRM, registered May 29, 2018), ranking subject to 'Convention Wells IQ'