Quebec · CCAA
Report of the Proposed Monitor
Pre-filing report · 29 June 2020
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What we verified from this filing4 verified
- secured creditorsnote: Amount includes Revolving Credit Facility draws. Additionally ~$16M owed to First Lien Lenders for letters of credit as of same date. As of March 31, 2020, $2.012M principal and $11.296M interest were due and unpaid (default). · page: 8 · as of: 2020-03-31 · amount: 884700000 · debtor: CDS Canada and CDS US (borrowers); guaranteed by several Applicants · creditor: First Lien Lenders (syndicate; Royal Bank of Canada as administrative and collateral agent) · currency: USD · security: Security on assets of CDS Canada, CDS US and other loan parties under First Lien Credit Agreement dated July 8, 2015; facility limits: $815.0M term loan commitments and $120.0M revolving credit commitments
- secured creditorsnote: $3.865M interest was payable as of March 31, 2020 and was not paid (default). · page: 8 · as of: 2020-03-31 · amount: 153865000 · debtor: CDS Canada and CDS US (borrowers); guaranteed by several Applicants · creditor: Second Lien Lenders (syndicate; Bank of America, N.A. as administrative/collateral agent, resigned and replaced by Wilmington Trust, N.A. effective May 22, 2020) · currency: USD · security: Security on assets of CDS Canada, CDS US and other loan parties under Second Lien Credit Agreement dated July 8, 2015; original term loan facility of $150.0M
- financial positionnote: Working capital deficiency of $232M reported. Full audited/consolidated financial statements for FY2018-2019 were filed in support of the Application but the Applicants requested this financial information be sealed and kept confidential (para 48). · page: 13 · as at: 2020-05-24 · basis: Preliminary unaudited interim consolidated balance sheet (CDSE Group); does not reflect all impairment charges or reclassification of certain long-term liabilities, including long-term debt, as current · scope: Consolidated CDSE Group; working capital summary only (Total Current Assets vs Total Current Liabilities), not full balance sheet totals · currency: USD · total assets: 150000000 · total liabilities: 381000000
- secured creditorsnote: Trapeze Term Loan ($50M) provided bridge liquidity; subsequently replaced by a loan from a group of First Lien Lenders and Second Lien Lenders on substantially the same terms, negotiated as part of a forbearance agreement (para 64). · page: 14 · amount: 50000000 · debtor: Applicants / CDS Canada · creditor: Trapeze Holdings Limited Partnership · currency: USD · security: Secured by certain intellectual property assets ("Cirque TMs") transferred free and clear of First Lien/Second Lien security via Drop-Down Transactions effective March 30, 2020, to CDS Canada 4 L.P.