Ontario · CCAA
Supplemental Report of the Monitor
Court officer report · 26 May 2015
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 filing4 verified
- secured creditorsnote: Plus accrued interest; First Lien Credit Agreement matured July 3, 2014, unpaid; aggregate first and second lien debt including accrued interest stated in excess of US$430 million (CAD$544 million) as at report date; interest/fees being paid in ordinary course · page: 51 · as of: date of this Report (May 11, 2015) · amount: 268753930 · debtor: Nelson Education Ltd. (guaranteed by Nelson Education Holdings Ltd.) · creditor: First Lien Lenders (Royal Bank of Canada, as original Administrative/Collateral Agent, succeeded by Wilmington Trust, National Association) · currency: USD · security: First-priority security over all or substantially all assets of Nelson Education and Nelson Holdings, including pledge of shares of Nelson Education; perfected by PPSA registration per Davies opinion
- secured creditorsnote: Plus accrued interest; in default - no quarterly interest payments made since March 31, 2014; Second Lien Credit Agreement matures July 3, 2015; no value available to Second Lien Lenders per SISP results · page: 51 · as of: date of this Report (May 11, 2015) · amount: 153218764 · debtor: Nelson Education Ltd. (guaranteed by Nelson Education Holdings Ltd.) · creditor: Second Lien Lenders (Royal Bank of Canada, as Administrative Agent and Collateral Agent) · currency: USD · security: Second-priority security over all or substantially all assets of Nelson Education and Nelson Holdings; perfected by PPSA registration per Davies opinion
- financial positionnote: Current assets ~$86.2 million; current liabilities ~$529.6 million (including ~$31.2 million accounts payable, ~$8.8 million deferred revenue, ~$489.5 million current portion of long-term debt); non-current liabilities ~$128.0 million. Separately, Nelson Holdings (unaudited, as at March 31, 2014) had assets with book value of ~$161.8 million (including ~$122.5 million intercompany note from Nelson Education and ~$39.3 million investment in Nelson Education) and liabilities of ~$123.4 million (including ~$122.2 million promissory note to its parent company). · page: 52 · as at: 2014-12-31 · basis: unaudited · scope: Nelson Education Ltd. (entity level, not consolidated with Nelson Holdings) · currency: CAD · total assets: 262700000 · total liabilities: 657600000
- secured creditorsnote: Only registration found prior in time to the First and Second Lien Agents' registrations per Davies security opinion · page: 52 · debtor: Nelson Education Ltd. / Nelson Education Holdings Ltd. · creditor: One registrant under a motor vehicle lease agreement · currency: CAD · security: PPSA registration prior in time to First Lien Agent and Second Lien Agent registrations