Quebec · CCAA
Report of the Proposed Monitor
Pre-filing report · 29 September 2024
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 filing3 verified
- financial positionnote: Shareholders' capital $42.5M; accumulated deficit and other comprehensive loss $105.0M; shareholders' equity deficit increased from $17.8M (Oct 31, 2022) to $40.3M (Oct 31, 2023) to $63.0M (Jul 31, 2024); consolidated loss $27.9M for FY2023 on sales of $53.9M, additional operating loss $23.0M for 9-month period ended Jul 31, 2024 on sales of $40.3M · page: 5 · as at: 2024-07-31 · basis: unaudited consolidated financial statements (publicly available, 3-month period ended July 31, 2024); does not reflect adjustments for restructuring-related asset value changes or claims arising from CCAA process · scope: consolidated - Valeo Pharma Inc., VPI Pharmaceuticals Inc., Valeo Pharma Corp. · currency: CAD · total liabilities: 95200000
- secured creditorsnote: Term loan facility up to US$40M aggregate; US$30M disbursed to date; priority over all assets other than inventory/receivables per intercreditor agreement dated September 26, 2023; balance is approximate ('approximately US $25.4M') · page: 6 · as of: date of this report (September 29, 2024) · amount: 25400000 · debtor: Valeo Pharma Inc. / VPI Pharmaceuticals Inc. · creditor: Sagard Healthcare Partners (Delaware), LP · currency: USD · security: Deed of movable hypothec on all present and future movable property, rights and assets of Valeo Pharma Inc. and VPI Pharmaceuticals Inc. in the amount of $100M; securities pledge agreement over equity interests; blocked accounts control agreement (Sagard Blocked Account)
- secured creditorsnote: Two demand revolving operating facilities not to exceed $5.0M aggregate; priority over inventory and accounts receivable per intercreditor agreement dated September 26, 2023 · page: 6 · as of: date of this report (September 29, 2024) · amount: 3200000 · debtor: Valeo Pharma Inc. / VPI Pharmaceuticals Inc. · creditor: Accord Financial Inc. · currency: CAD · security: Deeds of movable hypothec in the amount of $6.0M on all present and future movable property, rights and assets of Valeo Pharma Inc. and VPI Pharmaceuticals Inc.; blocked account agreement with TD Bank (Accord Blocked Account)