Ontario · Foreign recognition (CCAA)
First Report of the Information Officer
Court officer report · 7 February 2025
What we verified from this filing6 verified
- financial positionnote: The Canadian Debtors alone, by book value and based on unaudited internal financial statements as of November 30, 2024, had total assets of approximately $6 million (excluding intercompany receivables) and total liabilities of approximately $6 million (excluding intercompany payables), of which approximately $1 million were current liabilities; these figures exclude the Canadian Debtors' contingent obligations as guarantor of the Prepetition First Lien Notes, the Prepetition First Lien Loan Facility, the Prepetition 1.5 Lien Loan Facility, and the Prepetition Second Lien Notes. · page: 49 · as at: 2024-09-30 · basis: unaudited financial statements for the nine-month period ended September 30, 2024 · scope: consolidated, all Debtors (Ligado Networks LLC and its debtor affiliates, including the Canadian Debtors) · currency: USD · total assets: 2600000000 · total liabilities: 8700000000
- secured creditorsnote: Capital structure table states approximate principal amount outstanding/liquidation preference of $2,050.0 million; prose states 'an aggregate amount of approximately $2.0 billion was outstanding' as of the Petition Date; no exact dated figure provided in the pages reviewed · page: 52 · as of: 2025-01-05 · amount: 2050000000 · debtor: Ligado Networks LLC (issuer); guaranteed on a second lien priority basis by Ligado's subsidiaries, including the Canadian Debtors · creditor: Prepetition Second Lien Notes (17.5% PIK Senior Secured Second Lien Notes due 2024) — U.S. Bank National Association, as trustee and collateral trustee · currency: USD · security: Second-priority liens on and security interests in the Prepetition Collateral
- secured creditorsnote: Capital structure table states approximate principal amount outstanding of $5,491.8 million; prose in Pre-Filing Report states 'approximately $5.5 billion'; exact stipulated figure is per the Debtors' stipulations in the Final DIP Order · page: 134 · as of: 2025-01-05 · amount: 5491770702 · debtor: Ligado Networks LLC (issuer); guaranteed by Ligado's subsidiaries, including the Canadian Debtors · creditor: Prepetition First Lien Notes (15.5% PIK Senior Secured First Lien Notes due 2023) — U.S. Bank National Association, as trustee and collateral trustee, for the benefit of the 1L Noteholders · currency: USD · security: First-priority liens on and security interests in substantially all of the Debtors' assets, excluding certain 'excluded property' (the Prepetition Collateral); pari passu with the Prepetition First Lien Loan Facility
- secured creditorsnote: Capital structure table states approximate principal amount outstanding of $122.3 million · page: 135 · as of: 2025-01-05 · amount: 122303734 · debtor: Ligado Networks LLC (borrower); guaranteed by Ligado's subsidiaries, including the Canadian Debtors · creditor: Prepetition First Lien Senior Pari Term Loans (Prepetition First Lien Loan Facility) — U.S. Bank Trust Company, National Association, as administrative agent and collateral agent · currency: USD · security: Secured on a pari passu basis with the Prepetition First Lien Notes, on the Prepetition Collateral
- secured creditorsnote: Capital structure table states approximate principal amount outstanding of $319.5 million; all loans issued after November 1, 2023 pursuant to this facility are payable on demand; expected to be repaid in cash in full from DIP proceeds · page: 135 · as of: 2025-01-05 · amount: 319471010 · debtor: Ligado Networks LLC (borrower); guaranteed by Ligado's subsidiaries, including the Canadian Debtors · creditor: Prepetition First Out Term Loans (Prepetition First Lien Loan Facility) — U.S. Bank Trust Company, National Association, as administrative agent and collateral agent · currency: USD · security: Secured on a pari passu basis with the Prepetition First Lien Notes but 'first out' in payment priority under an intercreditor agreement, on the Prepetition Collateral
- secured creditorsnote: Capital structure table states approximate principal amount outstanding of $591.5 million · page: 136 · as of: 2025-01-05 · amount: 591504126 · debtor: Ligado Networks LLC (borrower); guaranteed by Ligado's subsidiaries, including the Canadian Debtors, on a 1.5 priority basis · creditor: Prepetition 1.5 Lien Facility — Jefferies Finance LLC, as administrative agent, and U.S. Bank Trust Company, National Association, as successor collateral agent · currency: USD · security: 1.5-priority liens on and security interests in the Prepetition Collateral