Quebec · CCAA
Pre-Filing Report of the Proposed Monitor (French only)
Pre-filing report · 4 October 2023
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 filing8 verified
- financial positionnote: Assets recorded at acquisition cost; per Controller, liquidation value or even fair market value in some cases would be lower than acquisition cost, such that asset value would be insufficient to satisfy liabilities, including secured creditor claims, in a bankruptcy scenario (para 36). Equity (capitaux propres) of $732K included in total liabilities+equity of $79,228K. · page: 11 · as at: 2023-06-30 · basis: Unaudited, internal/management-prepared combined balance sheet ('Non-audité - en 000$ CAD - Interne') · scope: Combined balance sheet of Groupe QP (all Debtors combined) · currency: CAD · total assets: 79228000 · total liabilities: 78495000
- secured creditorsnote: Common revolving credit facility for all Debtors; borrowing capacity (facility limit) recently reduced to $7.8M, rendering Debtors unable to meet obligations as they come due (para 37). Reported balance is from combined internal balance sheet, line 'Emprunts bancaires'. · page: 11 · as of: 2023-06-30 · amount: 9571000 · debtor: All Debtors (co-borrowers, jointly and severally liable) · creditor: Caisse Desjardins de la Rive-Nord du Saguenay (Desjardins) - operating line of credit · currency: CAD · security: Blanket security over all movable/personal property (actifs mobiliers) of all Debtors
- secured creditorsnote: Stated total across debtor entities (9490-0388: $2,462K; GGA: $13,823K), separate from the Desjardins operating line of credit. · page: 12 · as of: 2023-06-30 · amount: 16285000 · debtor: 9490-0388 Québec inc.; GGA · creditor: Desjardins (long-term debt facilities, distinct from operating line) · currency: CAD · security: Long-term debt financing acquisitions (security not specified in document)
- secured creditorsnote: Redeemable shares classified as long-term debt (QP: $3,694K; PTT: $5,274K; FPN: $1,951K). Majority of shareholders are potato-producer members (para 22); possible related-party instrument - security status not stated. · page: 12 · as of: 2023-06-30 · amount: 10919000 · debtor: QP; PTT; FPN · creditor: Actions rachetables (redeemable shares) holders · currency: CAD · security: Not specified
- secured creditorsnote: Stated total across debtor entities (GGA: $24K; FPN: $2,336K). · page: 12 · as of: 2023-06-30 · amount: 2360000 · debtor: GGA; FPN · creditor: RBC · currency: CAD · security: Long-term debt financing acquisitions (security not specified in document)
- secured creditorsnote: Stated total for this single debtor. · page: 12 · as of: 2023-06-30 · amount: 2094000 · debtor: 9490-0388 Québec inc. · creditor: Desjardins/Financière agricole du Québec · currency: CAD · security: Not specified
- secured creditorsnote: Serialized-equipment lease financing aggregated as stated in table. · page: 12 · as of: 2023-06-30 · amount: 575000 · debtor: PTT · creditor: Crédits-baux (equipment lease financiers) · currency: CAD · security: Equipment lease financing
- secured creditorsnote: Stated total across debtor entities in long-term debt summary table (9465-0850: $10,486K; GGA: $58K; PTT: $7,150K). Subsequent to June 30, 2023, additional $3.4M financing obtained by 9465-0850 Québec inc. (post period-end, not included in this balance). · page: 12 · as of: 2023-06-30 · amount: 17694000 · debtor: 9465-0850 Québec inc.; GGA; PTT · creditor: Financement Agricole Canada · currency: CAD · security: Long-term debt financing farm acquisitions (security not specified in document)