Alberta · CCAA
Origination Application
Application / notice of application · 8 March 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 filing2 verified
- secured creditorsnote: PEL Loan guaranteed by DEGL, DAL, DSL and DAI (related Dynamic Group entities); PEL also described as senior secured lender and unsecured bridge lender supporting the CCAA application; PEL forgave approximately USD$3,150,000 of the secured debt it had taken assignment of in August 2022 · page: 8 · as of: 2023-02-28 (PEL Loan maturity date; entire amount outstanding and due and payable) · amount: 16000000 · debtor: Dynamic Technologies Group Inc. (DTG) · creditor: Promising Expert Limited (PEL) · currency: USD · security: Senior secured lender; holds security position assigned from Universal Lenders (who had taken assignment of the CIBC security and credit agreement position)
- secured creditorsnote: Approximate figure ('approximately USD$2,000,000'); EDC described as subordinate lender to DTG; EDC loan guaranteed by DAL; EDC has separately guaranteed approximately USD$2,700,000 of letters of credit issued by CIBC on behalf of the Dynamic Group (contingent exposure, not included in amount) · page: 8 · amount: 2000000 · debtor: Dynamic Technologies Group Inc. (DTG) · creditor: Export Development Canada (EDC) · currency: USD · security: Indemnities from DTG and DAL secured by general security agreements (GSAs), given for liabilities EDC may incur under guarantees issued to CIBC