Ontario · CCAA
Second Report of the Monitor dated February 13, 2009
Court officer report · 13 February 2009
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 filing11 verified
- secured creditorsnote: Principal amount owed, excluding interest, costs and expenses, and excluding Customer funding by way of subordinated participations. Forbearance Agreement sets maximum borrowing limit under Comerica facilities at US$18 million plus subordinated participations. · page: 10 · as of: 2009-02-11 · amount: 12100000 · debtor: SKD Company / SKD Automotive Group LP (and related entities) · creditor: Comerica Bank · currency: USD · security: Security agreements over all present and after-acquired personal property (SKD Canada SAs) dated December 14, 2004; real property charges over 38-40 Hoitby Avenue, Brampton and 375 Wheelabrator Way, Milton; guarantee by SKD Company of SKD AG indebtedness
- secured creditorsnote: Comprised of ~US$12.1 million principal plus ~US$4.7 million total Customer funding since commencement of CCAA proceedings · page: 10 · as of: 2009-02-11 · amount: 16800000 · debtor: SKD Company / SKD Automotive Group LP (and related entities) · creditor: Comerica Bank (total secured indebtedness including Customer funding) · currency: USD · security: Same as above; Customer funding via subordinated participations pursuant to Subordinated Participations Agreement dated January 21, 2009
- secured creditorsnote: Includes U.S. and Canadian portions ($6,469,035.47) and subordinated participations of $2,179,000 purchased by certain Borrowers' customers. Accrued interest of US$85,760.41 stated separately. Exclusive of interest accruing after 1/18/09 and accruing costs/expenses. · page: 60 · as of: 2009-01-18 · amount: 15101374.46 · debtor: SKD Automotive Group, Limited Partnership and SKD Company (Borrowers) · creditor: Comerica Bank (as at January 18, 2009 per Forbearance Agreement) · currency: USD · security: Revolving Credit Agreement (US$45,000,000 as amended, dated 12/14/04); guarantees from Nova Scotia, NMC, EASSA, SKD Mexico, SKD LP, SKD Holding LP
- secured creditorsnote: Comprised of approximately US$6.5 million outstanding advances to SKD Company and approximately US$6.4 million to SKD AG; excludes interest, costs, expenses, and interim funding by Funding Customers (~US$2.2 million via subordinated participations) · page: 129 · as of: 2009-01-16 · amount: 12900000 · debtor: SKD Company and SKD Automotive Group (SKD Borrowers) · creditor: Comerica Bank (Comerica Facility aggregate borrowings) · currency: USD · security: Comerica Credit Agreement dated December 14, 2004, as amended; SKD Canada SAs (security agreements over all present and after-acquired personal property); real property Charges over Brampton and Milton properties
- secured creditorsnote: Amount not stated; unsecured guarantee also obtained from SKD Holding, L.P. and SKD Mexico · page: 130 · debtor: 2515080 Nova Scotia Company, NMC Canada Inc., SKD L.P. · creditor: Comerica Bank (guarantee and security from Applicants and SKD L.P.) · currency: CAD · security: Guarantee and security granted by each of the Applicants and SKD L.P.
- secured creditorsnote: Aggregated per PPSA registration summary (Exhibit E); amounts not stated in extracted pages · page: 130 · debtor: SKD Company · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Various equipment leases with PPSA registrations against the Applicants and SKD Company
- unsecured creditorsnote: Excludes liabilities relating to payroll, litigation claims and other extraordinary items, customer payables for steel subject to setoff against receivables, or inter-company balances. Document names no individual creditors. · page: 130 · as of: 2009-01-13 · basis: As reported by affiant in supporting affidavit · amount: 9100000 · debtor: SKD Company · creditor: Unsecured creditors (aggregate as reported - accounts payable including trade debt) · currency: CAD
- unsecured creditorsnote: Contingent obligation payable on termination without cause or September 30, 2009, whichever earlier · page: 131 · basis: Calculated maximum obligation under retention plan for ~39 key salaried employees · amount: 836491 · debtor: SKD Company · creditor: Employee Retention Plan (ERP) obligations · currency: CAD
- unsecured creditorsnote: Reserve for medical and associated post-employment benefits; payments of approximately $36,500/month ongoing · page: 131 · as of: 2008-01-02 · basis: Actuarial estimate per management · amount: 3600000 · debtor: SKD Company · creditor: Amherstburg plant post-retirement liabilities reserve · currency: CAD
- unsecured creditorsnote: Approximately $2.2 to $2.4 million range stated; midpoint used as approximate placeholder; document gives a range not a single figure · page: 131 · basis: Management estimate · amount: 2300000 · debtor: SKD Company · creditor: Wound-up defined benefit pension plan (Amherstburg) · currency: CAD
- unsecured creditorsnote: Aggregate shortfall stated in document; components given: $3.8 million Brampton DB Plan, $3.6 million (Milton DB Plan, per partial text), remainder unspecified in extracted pages · page: 131 · as of: 2008-09 · basis: Actuarial wind-up basis estimate as of September 2008 · amount: 9000000 · debtor: SKD Company · creditor: Defined benefit pension plans unfunded liability (Brampton, Milton, Salaried DB Plans - aggregate) · currency: CAD