British Columbia · CCAA
Petition to the Court dated April 24, 2024
Application / notice of application · 24 April 2024
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What we verified from this filing13 verified
- applicantTeal Jones Holdings Ltd. and those other parties listed in Schedule "A"
- commencement date24 April 2024
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noS-242700
- appointeePricewaterhouseCoopers LLP
- appointee rolemonitor
- statutory basisCompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- financial positionnote: Shareholder's equity in Teal Jones separately stated as $219.9 million as at January 1, 2024 (different date than asset/liability figures) · page: 8 · as at: 2024-02-29 · basis: management estimate (approximate figures stated in petition) · scope: consolidated - all Petitioners (Canadian and US Petitioners, collectively Teal Jones) · currency: CAD · total assets: 732100000 · total liabilities: 353800000
- secured creditorsnote: Balance comprised of $54.5M outstanding under revolving loans, $95.7M outstanding under term loans, and $10M outstanding under a bridge loan (as at Apr 23, 2024) · page: 9 · as of: 2024-04-23 · amount: 160200000 · debtor: Teal Cedar Products Ltd. and Teal Jones Lumber Sales, LLC (borrowers), guaranteed by Shake & Shingle, TJ Group, Aviation LP, Aviation GP, Lumber Services, Lumber LLC, Holdings USA, Pine Products, Potomac Supply, Dry Kilns, Greentree and TJ Louisiana · creditor: Wells Fargo Capital Finance Corporation Canada (as agent for Wells Fargo Capital Finance Corporation Canada, Wells Fargo Capital Finance LLC and Export Development Canada) ("WF Lenders") · currency: CAD · security: General security agreement over all present and after-acquired property of borrowers and guarantors; mortgages and assignments of rents over certain BC real property of Teal Cedar Products and Shake & Shingle. Facility limits (not balances): revolving loans up to $110,000,000; M&E term loan principal $28,094,655.17; timber tenure term loan principal $67,000,000; AR1 refund term loan principal $4,100,000
- secured creditorsnote: Amount owing plus interest continuing to accrue · page: 11 · as of: 2024-04-23 · amount: 2600000 · debtor: Teal Cedar Products Ltd. (borrower), guaranteed by TJ Group and Dry Kilns ("EDC Guarantors") · creditor: Export Development Canada ("EDC") · currency: CAD · security: Security interest in all present and after-acquired personal/movable property of Teal Cedar Products in Canada; unconditional/irrevocable guarantees and security interests from EDC Guarantors. Term facility limit (not balance): up to USD$5,500,000.00
- secured creditorsnote: Secured term debt owing, plus interest continuing to accrue · page: 11 · as of: 2024-04-23 · amount: 41300000 · debtor: Teal Cedar Products Ltd. (borrower), guaranteed by other Petitioners and TJ Louisiana ("HSBC Guarantors") · creditor: HSBC Bank Canada ("HSBC"), as security agent for HSBC Lenders · currency: CAD · security: General security agreement over present/after-acquired personal property and floating charge over real property; mortgages and assignments of rent over certain BC real property; deeds of trust, security agreements, assignment of leases/rents and fixture filings over certain US real property. Facility limits (not balances): non-revolving loan $23,758,520; non-revolving equipment loan $8,025,000; interest rate swap facility USD$1,500,000; lease financing facility $511,214.90; bridge loan facility $10,000,000
- secured creditorspage: 12 · as of: 2024-04-23 · amount: 20800000 · debtor: Teal Cedar Products Ltd. (Canadian operations, lessee under BAL master lease) and Teal Jones Lumber Services Inc. (US operations, lessee under BALC master lease) · creditor: BAL Global Finance Canada Corporation and Bank of America Leasing & Capital, LLC ("BAL"/"BALC") · currency: CAD · security: Equipment leasing under master lease agreements dated July 16, 2019
- secured creditorsnote: Total owing plus interest continuing to accrue · page: 12 · as of: 2024-04-23 · amount: 31300000 · debtor: Teal Cedar Products Ltd. (borrower), guaranteed by other Petitioners (excluding Greentree, Aviation GP, Aviation LP and TJ Louisiana for the first two loans; all Petitioners for the third loan) · creditor: Business Development Bank of Canada ("BDC") · currency: CAD · security: Security interest in all present and after-acquired personal property; mortgages over certain BC real property (Teal Cedar Products and Shake & Shingle). Loan principal amounts (not balances): First Loan $25,000,000; Second Loan $4,075,000; Third Loan $5,775,000