British Columbia · CCAA
Affidavit of Gerrie Kotze - Part 4, dated April 24, 2024
Affidavit · 24 April 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: No aggregate outstanding balance stated in these pages. Schedule A (page 6) lists individual Overadvance amounts on specific dates from Jan 10, 2024 to Apr 3, 2024 (ranging from $352,265.26 to $11,600,106.80) — these are discrete overadvance events, not a stated total balance. Letter also references a $10 million bridge term loan previously provided as an accommodation (original advance, not a current balance). · page: 2 · as of: Notice of Default letter dated April 10, 2024 · debtor: Teal Cedar Products Ltd. and Teal Jones Lumber Sales LLC (Borrowers), with Teal Jones Holdings Ltd. as Parent and other Teal Jones entities as guarantors · creditor: Wells Fargo Capital Finance Corporation Canada, as Agent (for itself and the other Lenders under the Credit Agreement) · currency: CAD · security: Amended and restated credit agreement dated May 7, 2021 (as amended through a Tenth Amendment dated March 15, 2024) providing Revolving Loans and a 2024 Term Loan, secured under the Credit Agreement and other Loan Documents
- secured creditorsnote: Described as aligned with the Agent and Lenders regarding the Loan Parties' liquidity issues and the Surrey Sale Leaseback; no amount stated in these pages. · page: 4 · as of: Notice of Default letter dated April 10, 2024 · debtor: Teal Jones Group entities (in connection with the Surrey real property/Sale Leaseback) · creditor: Royal Bank of Canada (successor to HSBC Bank of Canada) · currency: CAD · security: Referred to as a 'Real Estate Lender'; security interest implied in connection with the Surrey property, no facility or balance details stated
- secured creditorsnote: Described as aligned with the Agent and Lenders regarding the Loan Parties' liquidity issues and the Surrey Sale Leaseback; no amount stated in these pages. · page: 4 · as of: Notice of Default letter dated April 10, 2024 · debtor: Teal Jones Group entities (in connection with the Surrey real property/Sale Leaseback) · creditor: Business Development Bank of Canada · currency: CAD · security: Referred to as a 'Real Estate Lender'; security interest implied in connection with the Surrey property, no facility or balance details stated
- secured creditorsnote: Listed as a copy recipient of the Notice of Default in its capacity as Security Agent; no amount or specific collateral described. · page: 5 · as of: Notice of Default letter dated April 10, 2024 · creditor: Royal Bank of Canada, as Security Agent · currency: CAD · security: Acting as Security Agent (capacity stated on notice distribution list); underlying security package not described in these pages