Ontario · CCAA
Pre-Filing Report of the Proposed Monitor
Pre-filing report · 23 November 2022
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 filing2 verified
- secured creditorsnote: Post-filing DIP financing charge, not a pre-filing secured claim; included for completeness as it secures new post-order advances only and shall not secure pre-Order obligations · page: 4 · as of: DIP Term Sheet executed November 22, 2022 · amount: 600000 · debtor: Springer Aerospace (1138969 Ontario Inc. and Springer Aerospace Holdings Limited) · creditor: Hillmount Capital Inc. (DIP Lender) · currency: CAD · security: DIP Lender's Charge on all Property; maximum principal amount of DIP Facility is $1,500,000; Initial Advance sought is up to $600,000
- secured creditorsnote: Primary secured lender referenced in para 32; Directors' Charge and other charges proposed subordinate to Desjardins security; only facility limit stated, no outstanding balance given · page: 6 · as of: May 16, 2019 (revolving credit agreement date) · debtor: Springer Aerospace (1138969 Ontario Inc. and Springer Aerospace Holdings Limited) · creditor: Caisse Desjardins Ontario Credit Union Inc. (Desjardins) · currency: CAD · security: Three loan facilities, including a revolving credit agreement dated May 16, 2019 for a variable line of credit up to a maximum of $1,000,000 (facility limit, not outstanding balance)