Alberta · NOI
First Report of the Proposal Trustee
Court officer report · 4 August 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- financial positionnote: Proposal Trustee notes book value of assets (~$7.5M) and liabilities (~$16.0M) as at June 30, 2023 indicate the Company is insolvent · page: 9 · as at: 2023-06-30 · basis: draft unaudited financial statements · scope: Mantle Materials Group Ltd. (entity-level) · currency: CAD · total assets: 7453000 · total liabilities: 16046000
- secured creditorsnote: Fiera has residual priority for all assets in excess of the RLF Debt Cap (~$2.3M); subordinated to RLF Indebtedness up to that cap under RLF/Fiera Subordination Agreement · page: 10 · as of: 2023-08-04 · amount: 8200000 · debtor: Mantle Materials Group Ltd. · creditor: Fiera Private Debt Fund VI LP and Fiera Private Debt Fund V LP (by their general partner Fiera Private Debt Fund GP Inc.) · currency: CAD · security: Three secured credit facilities under Fiera Loan Agreement dated April 26, 2021 (amended Oct 19, 2022 and June 12, 2023) totaling approximately $13.5 million in original principal: (i) non-revolving interest-bearing facility, original principal $3.6M; (ii) non-revolving non-interest-bearing facility, original principal $6.1M; (iii) non-revolving non-interest-bearing facility inherited in Reorganization Transaction, original estimate $3.7M; (iv) revolving facility with fixed rate term option, $150,000
- secured creditorsnote: Travelers has priority over the Traveler's Equipment · page: 10 · as of: 2023-08-04 · amount: 1000000 · debtor: Mantle Materials Group Ltd. · creditor: Travelers Restructuring Capital Inc. · currency: CAD · security: Secured loan dated October 8, 2021 (amended October 15, 2022), original amount $1.7 million, for purchase of specific equipment ("Traveler's Equipment")
- secured creditorsnote: Priority over Pathward Priority Collateral up to approximately $1.8 million; Pathward collected at least $328,000 in accounts receivable post-filing, which remains part of its security pending allocation · page: 10 · as of: 2023-08-04 · amount: 500000 · debtor: Mantle Materials Group Ltd. · creditor: Pathward, National Association · currency: CAD · security: $1.5 million margined revolving working capital facility dated June 6, 2022, secured by Mantle's inventory and accounts receivable (and proceeds) ("Pathward Priority Collateral")
- secured creditorsnote: Related party: RLF Lender is a wholly owned subsidiary of Resource Land Fund V, LP, which also owns Mantle's parent RLF Canada Holdings Limited; the $2.3 million figure is a subordination ceiling (RLF Debt Cap), not a balance · page: 11 · as of: 2023-08-04 · amount: 1800000 · debtor: Mantle Materials Group Ltd. · creditor: RLF Lender (RLF Canada Lender Limited) · currency: CAD · security: RLF Indebtedness secured over all present and after-acquired Property of Mantle; subordination agreement with Fiera (RLF/Fiera Subordination Agreement) giving RLF priority over Fiera up to the RLF Debt Cap of approximately $2.3 million
- secured creditorsnote: ATB was the secured operating lender of JMB prior to its CCAA proceedings; indebtedness assumed on non-recourse basis as part of the Reorganization Transaction; priority limited to ATB Inventory and its proceeds · page: 11 · as of: 2023-08-04 · amount: 16000 · debtor: Mantle Materials Group Ltd. · creditor: ATB Financial · currency: CAD · security: Non-recourse indebtedness assumed under ATB Agreement dated April 26, 2021, secured by/repayable from royalties on sale of remaining pre-CCAA aggregate inventory ("ATB Inventory")