Quebec · CCAA
Third Report of the Monitor on the Business and Financial Affairs of the Debtor Companies
Court officer report · 25 February 2021
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 filing4 verified
- financial positionnote: Assets only; no total liabilities stated. Kanwal Inc. assets: book value $21.6M as at December 31, 2020. SEC (Société en commandite Industriel-Léger) assets: book value 6.8M$ as at November 30, 2020. Components are separate entities and are not summed here; as-at dates differ by entity. Document also states all Kanwal and SEC assets are pledged as collateral for secured liabilities and refers to a secured creditor's (FWCU) outstanding liability of approximately $12.15M. · basis: Book value of assets on the balance sheets of Kanwal and SEC, as stated by the Monitor; no audit or other qualification stated · scope: Entity-level, not consolidated: Kanwal Inc. (as at December 31, 2020) and SEC Industriel-Léger (as at November 30, 2020) separately · currency: CAD
- operational summaryThe Debtors continue operating as going concerns under CCAA protection while negotiating with stakeholders toward a plan of arrangement or, failing that, a sale/investment solicitation process. They seek a stay extension to March 31, 2021 and approval of an $11.93M DIP financing from Waygar Capital.
- report date25 February 2021
- report noThird Report