Ontario · CCAA
First Report of the Monitor
Court officer report · 2 May 2024
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 filing5 verified
- secured creditorsnote: Facility limit for Interim Borrowings under Existing Credit Agreement, not an outstanding balance; subordinate only to Administration Charge · page: 5 · as of: Initial Order / Filing Date (April 24, 2024) · debtor: Ted Baker Canada Inc. and Ted Baker Limited · creditor: CIBC (as Interim Lender) · currency: USD · security: Interim Lender's Charge (court-ordered charge) securing Interim Borrowings not to exceed $7 million
- secured creditorsnote: Facility limit, not outstanding balance; DIP Lender's Charge does not secure pre-filing Existing Credit Agreement obligations · page: 16 · as of: May 1, 2024 (DIP Term Sheet date) · debtor: Ted Baker Canada Inc. and Ted Baker Limited (borrowers); OSL Fashion Services Canada Inc. and OSL Fashion Services, Inc. (guarantors) · creditor: CIBC (as DIP Lender) · currency: USD · security: DIP Lender's Charge (super-priority charge over Property) securing DIP Facility up to maximum principal amount of $28 million
- secured creditorsnote: Senior secured lender; borrowing base formula limits actual availability; pre-filing balance being partially repaid via 'creeping roll-up' through cash sweep mechanisms; opening pre-filing revolver balance per cash flow forecast shown as $25,246,000 (in thousands USD) as at week beginning Apr 28, 2024 - forecast/illustrative figure, not a stated balance · page: 44 · as of: March 14, 2023 (credit agreement date, as amended August 3, 2023 and April 24, 2024) · debtor: Ted Baker Canada Inc. and Ted Baker Limited (borrowers); Fashion Canada and Fashion Services (guarantors) · creditor: CIBC (as Agent and Lender under the CIBC Credit Agreement) · currency: USD · security: Aggregate principal amount of revolving loans under Existing Credit Facility: $36.5 million (facility limit, not outstanding balance); secured by Canadian Security Documents (perfected by PPSA registration in Ontario, Quebec, Alberta, British Columbia, Nova Scotia, Manitoba) and US Security Documents
- secured creditorsnote: Related party (OSL Fashion Services Canada Inc. affiliate); principal amount stated is the note's face amount, not necessarily outstanding balance; debt subordinated and postponed to CIBC/Senior Lenders pursuant to Subordination Agreement dated March 14, 2023 (cession/postponement of rank) · page: 46 · as of: March 14, 2023 · amount: 10000000 · debtor: Ted Baker Canada Inc. (Fashion Canada) · creditor: OSL Retail · currency: CAD · security: Secured promissory note; general security agreement dated March 14, 2024 over all present and after-acquired undertaking and property
- sale outcometext: the Applicants' proposed realization process approval order, among other things, approving the Consulting Agreement and the Sale Guidelines, and authorizing the Applicants, with the assistance of the Consultant, to conduct a sale of the merchandise · scope: liquidation · status: pending_approval