Alberta · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 1 May 2015
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What we verified from this filing7 verified
- secured creditorsnote: Secured cash advances used to fund PPEC's operations from Nov 2014 to Date of Appointment (Mar 10, 2015); subordinated to the Credit Agreement/National Bank (now Pacer) security; Receiver had not yet completed review of validity/enforceability of related security documents as of report date; Pacer is a related party (50% shareholder) · page: 8 · amount: 21920000 · debtor: Pacer Promec Energy Corporation · creditor: Pacer Construction Holdings Corporation · currency: CAD · security: Subordinated secured advance (cash advances)
- financial positionnote: Current assets: $32.1M AR, $30.2M WIP, $133,204 prepaid, ~$6.0M net book value capital assets. Current liabilities: $94.0M ($59.3M trade AP, $24.5M bank indebtedness, $5.2M accrued liabilities, $4.2M wage/payroll liabilities). Long-term liabilities $23.9M, composed almost entirely of funds due to shareholders (as at Jan 31, 2015; some shareholder advances made after this date). · page: 9 · as at: 2015-01-31 · basis: unaudited consolidated financial statements · scope: consolidated - Pacer Promec Energy Corporation and its wholly-owned subsidiary Pacer Promec Energy Construction Corporation · currency: CAD · total assets: 68500000 · total liabilities: 117900000
- secured creditorsnote: Receiver's counsel had not completed review of security as against the machinery and equipment as of report date; Receiver's Charge/Borrowing Charge did not prime this security · page: 24 · debtor: Pacer Promec Energy Corporation · creditor: GE Finance Canada Ltd. · currency: CAD · security: Secured claim against certain PPEC machinery/equipment
- secured creditorsnote: Receiver's counsel had not completed review of security as against the machinery and equipment as of report date; Receiver's Charge/Borrowing Charge did not prime this security · page: 24 · debtor: Pacer Promec Energy Corporation · creditor: Canadian Western Bank · currency: CAD · security: Secured claim against certain PPEC machinery/equipment
- secured creditorsnote: Combined amount of liens registered by 6 creditors each having filed liens in excess of $1 million; validity, quantum and priority of liens to be determined via Claims Procedure; numerous additional (smaller) lienholders exist but are not separately quantified in this document · page: 47 · amount: 16100000 · debtor: Pacer Promec Energy Corporation · creditor: Lien creditors (group of 6 with liens exceeding $1 million each) · currency: CAD · security: Construction/builders' liens registered against PPEC property relating to CNRL and Krupp Contracts
- secured creditorsnote: Deemed trust claim for unremitted employee payroll source deductions · page: 50 · amount: 2715110 · debtor: Pacer Promec Energy Corporation · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust under subsection 227(4) Income Tax Act, subsection 23(3) Canada Pension Plan Act, subsection 86(2) Employment Insurance Act
- secured creditorsnote: Pacer paid National Bank $26,227,046.49 pursuant to its guarantee (Letter Agreement dated Mar 5, 2015) in full satisfaction of PPEC's indebtedness to National Bank and was subrogated to National Bank's rights; National Bank had issued a NOI to enforce security Feb 18, 2015; Pacer is a related party (50% shareholder of PPEC); prose approximation elsewhere states 'approximately $26.2 million' · page: 50 · as of: 2015-03-05 · amount: 26227046.49 · debtor: Pacer Promec Energy Corporation · creditor: Pacer Construction Holdings Corporation (subrogated to National Bank of Canada) · currency: CAD · security: Credit Agreement (originally a demand revolving credit facility of up to $30.0 million with National Bank); general security interest in all real and personal property of PPEC and PPEC Construction (per Receiver's Counsel opinion)