Alberta · Receivership (court-appointed)
Affidavit of Richard Pelletier, sworn March 6, 2015
Affidavit · 10 March 2015
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What we verified from this filing4 verified
- secured creditorsnote: Related party: Pacer is a 50% shareholder of PPEC. Became secured creditor of PPEC on March 5, 2015 after satisfying PPEC's obligations to National Bank under its guarantee, thereby being subrogated to the bank's rights and taking an assignment of the bank's security. Exact amount satisfied/assigned not stated in this excerpt. · page: 3 · as of: March 5, 2015 (subrogation/assignment date) · debtor: Pacer Promec Energy Corporation · creditor: Pacer Construction Holdings Corporation · currency: CAD · security: By subrogation to National Bank's rights under the Credit Agreement, and by assignment of National Bank's General Security Agreement, Hypothec on Universality of Movable Property ($48,000,000 registered principal), and Deposit Security Agreement
- financial positionnote: Assets ($68,476,066) comprise current assets of $62,499,375 (accounts receivable $32,137,515, work in progress $30,228,655, prepaid expenses $133,204) and capital assets net book value $5,976,690. Liabilities are stated in components only, not as a total: current liabilities of $94,031,745.36 (trade accounts payable $59,294,096, bank indebtedness $24,525,424, accrued liabilities $5,235,959, wage/payroll liabilities $4,240,934) and long-term liabilities of $23,929,413 (almost entirely funds due to shareholders); no combined total liabilities figure is stated in the document. Separately, PPEC's unaudited financial statements for the year ended December 31, 2014 show a net loss of $48,275,028.66 (income statement item, not part of this balance-sheet position); a projected aggregate loss of $63 million on construction contracts is a forecast figure. · page: 10 · as at: 2015-01-31 · basis: unaudited financial statements · scope: Pacer Promec Energy Corporation, consolidated with its wholly-owned subsidiary Pacer Promec Energy Construction Corporation · currency: CAD · total assets: 68476066
- secured creditorsnote: Stated 'bank indebtedness' of $24,525,424 in current liabilities per PPEC's unaudited financial statements as at January 31, 2015. DISCHARGED: On March 5, 2015 Pacer honoured its guarantee and paid PPEC's outstanding obligations to National Bank in full; National Bank's security was assigned to Pacer with all appurtenant rights and remedies. Facility limits (aggregate up to $30,850,000 across three facilities) are registration/facility ceilings, not balances. · page: 10 · as of: 2015-01-31 · amount: 24525424 · debtor: Pacer Promec Energy Corporation · creditor: National Bank of Canada · currency: CAD · security: General Security Agreement (May 23, 2014) - security interest in all present/after-acquired personal property and floating charge over all present/after-acquired property; registered AB PPR #14052332978 and Land Charge #14052332997; Hypothec on Universality of Movable Property dated May 23, 2014 for registered principal of $48,000,000 at 25% interest, registered QC RPMRR #14-0469469-0001; Deposit Security Agreement dated April 9, 2014 - hypothec of $180,000 (registered QC RPMRR #14-0311999-0007) and security interest up to $150,000 (registered AB PPR #14041710023) over account 559039425261
- secured creditorsnote: Besides National Bank (and now Pacer), PPEC's secured creditors are equipment lessors and financiers whose collateral is largely the equipment leased and/or financed; no aggregate amount stated. · page: 10 · debtor: Pacer Promec Energy Corporation · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Equipment leased and/or financed (equipment lessors and financiers)