Ontario · CCAA
Application Record of the Applicants
Application / notice of application · 25 May 2026
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What we verified from this filing11 verified
- applicantNunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, and 12334992 Canada Inc.
- commencement date14 May 2026
- courtSUPERIOR COURT OF JUSTICE
- provinceONTARIO
- statutory basisCompanies' Creditors Arrangement Act, R.S.C. 1985, as amended
- appointeeFTI Consulting Canada Inc.
- appointee roleProposed Monitor
- financial positionnote: For year ended Dec 31, 2025, Baffinland/123 Canada Inc. reported a net loss of $102.4 million; current liabilities exceeded current assets by $761 million, primarily due to long-term secured debt being reclassified as current as a result of maturities/defaults · page: 55 · as at: 2025-12-31 · basis: Audited consolidated financial statements; figures are those of Baffinland Iron Mines Corporation and 123 Canada Inc. on a consolidated basis (used in place of NIO's consolidated statements because NIO's figures include a $423 million non-cash goodwill impairment and a $545.1 million net loss that the affidavit states are less representative of operating financial position) · scope: Baffinland Iron Mines Corporation and 12334992 Canada Inc. (123 Canada Inc.), consolidated; excludes NIO's separate impairment-affected consolidated results · currency: USD · total assets: 2685900000 · total liabilities: 1460600000
- secured creditorsnote: Formerly a revolving credit facility with a bank syndicate; on Nov 24, 2025 assigned to Oaktree and Hartree, all outstanding revolving borrowings ($126.5 million) converted to a term loan; interest increased to SOFR+16.75% (7% deferred); Oaktree entity is affiliated with Oaktree Capital Management, L.P. (related-party lender); Hartree also counterparty to fuel supply and marketing agreements with Baffinland · page: 57 · as of: 2025-11-24 · amount: 126500000 · debtor: Baffinland Iron Mines Corporation · creditor: Opps XII BLIM Holdings, L.P. (affiliate of Oaktree Capital Management, L.P.) and Hartree, as lenders under the Credit Facility · currency: USD · security: Amended Credit Facility (Sixth Amended Credit Agreement dated November 24, 2025) term loan, secured; ranks 1st priority per Intercreditor Agreement
- secured creditorsnote: Aggregate principal amount per Intercreditor Agreement priority chart (2nd priority, pari passu with EDC); $575 million issued June 27, 2018; Baffinland in default under a cross-default from the Credit Facility; NIO guarantee is a related-party (parent) security arrangement · page: 57 · amount: 575000000 · debtor: Baffinland Iron Mines Corporation · creditor: Holders of 8.75% Senior Secured Notes due 2026 (Wilmington Trust, National Association, as Trustee and Collateral Agent) · currency: USD · security: General Security and Pledge Agreement dated June 27, 2018 over all assets of Baffinland; limited recourse guarantee by NIO secured by pledge of NIO's shares in BIM Corp. and LP units in BIM LP
- secured creditorsnote: Amount stated as total principal in priority chart; Fourth Amending Agreement to EDC Term Facility dated November 24, 2025 · page: 57 · amount: 75000000 · debtor: Baffinland Iron Mines Corporation · creditor: Export Development Canada (EDC) · currency: USD · security: EDC Term Facility, secured (Exhibit X security document); ranks 2nd priority pari passu with Senior Secured Notes per Intercreditor Agreement