Quebec · CCAA
First Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor dated May 11, 2025
Pre-filing report · 11 May 2025
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What we verified from this filing5 verified
- financial positionnote: Equity (deficit) of $(405,912,000); total liabilities and equity equal total assets of $26,261,000; figures derived from Enerkem's books and records. · page: 7 · as at: 2025-03-31 · basis: Unaudited historical balance sheet (in 000's CAD) · scope: Enerkem Inc. (entity-level, not specified as consolidated) · currency: CAD · total assets: 26261000 · total liabilities: 432173000
- secured creditorsnote: Senior secured convertible notes (Convertible Notes); original aggregate principal $95M CAD plus US$48M issued March 31, 2022, amended and restated Feb 16, 2024; amount stated includes accrued and capitalized interest. · page: 8 · as of: 2025-03-31 · amount: 222000000 · debtor: Enerkem Inc. (Enerkem Canada) · creditor: Noteholders (Repsol, ESC Sustainable Solutions Fund, L.P. (Eyre Street), and funds managed by Monarch Alternate Capital LP) · currency: CAD · security: First ranking charge on all assets of Enerkem Canada; second-ranking charge on assets of Enerkem Alberta Biofuels G.P. Inc. and Enerkem Alberta Biofuels L.P.
- secured creditorsnote: Superpriority Notes matured November 30, 2024; amounts remain outstanding and unpaid; Noteholders have not yet demanded repayment; Enerkem states it is currently unable to repay. · page: 8 · as of: 2025-03-31 · amount: 71500000 · debtor: Enerkem Inc. (Enerkem Canada) · creditor: Noteholders (Repsol, ESC Sustainable Solutions Fund, L.P. (Eyre Street), and funds managed by Monarch Alternate Capital LP) · currency: CAD · security: Senior secured superpriority notes secured by the same security package as the Convertible Notes (first charge on Enerkem Canada assets; second-ranking charge on EAB GP/EAB LP assets); facility limit was maximum principal of USD equivalent of $75M CAD
- secured creditorsnote: Part of Loan Facility with Fiera and FCM dated Sept 24, 2014 (amended April 20, 2015 and March 31, 2022); aggregate original principal for both lenders was $39,000,000 disbursed in two tranches; combined Fiera+FCM balance approx. $17M as at March 31, 2025 per prose (para 45-46); loan facility matures August 2025. · page: 8 · as of: 2025-03-31 · amount: 16275000 · debtor: Enerkem Inc. (Enerkem Canada), with EAB GP and EAB LP as guarantors · creditor: Fiera Private Debt Fund IV LP (formerly Integrated Private Debt Fund IV LP) · currency: CAD · security: First lien on assets of EAB GP and EAB LP; second lien on assets of Enerkem Canada
- secured creditorsnote: Part of Loan Facility with Fiera and FCM dated Sept 24, 2014 (amended April 20, 2015 and March 31, 2022); aggregate original principal for both lenders was $39,000,000 disbursed in two tranches; combined Fiera+FCM balance approx. $17M as at March 31, 2025 per prose (para 45-46); loan facility matures August 2025. · page: 8 · as of: 2025-03-31 · amount: 613000 · debtor: Enerkem Inc. (Enerkem Canada), with EAB GP and EAB LP as guarantors · creditor: Federation of Canadian Municipalities (FCM) · currency: CAD · security: First lien on assets of EAB GP and EAB LP; second lien on assets of Enerkem Canada