Ontario · CCAA
First Report of the Monitor, dated April 4, 2024
Court officer report · 4 April 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 filing5 verified
- secured creditorsnote: Described only as 'a significant amount of indebtedness secured by the DIP Borrowers' property.' Monitor has not yet received independent confirmation of the validity or enforceability of this security; Monitor's counsel instructed to undertake a security review, opinion required by April 29, 2024 per DIP Term Sheet Event of Default (p). · page: 13 · debtor: Pride Group Holdings Inc. and other Applicants/DIP Borrowers · creditor: Syndicate Lenders (Royal Bank of Canada, as administrative agent, together with Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal and other lenders) · currency: CAD · security: Blanket 'Security' as defined under the Third Amended and Restated Credit Agreement dated November 4, 2022 (the Syndicate Agreement)
- secured creditorsnote: Aggregated class; ranks ahead of the DIP Lenders' Charge and the Directors' Charge under the proposed ARIO. · page: 14 · as of: date of the Initial Order · debtor: DIP Borrowers · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Validly perfected and enforceable security interests of third-party financiers in specific vehicle and lease collateral, ranking in priority to the Syndicate Agreement security
- secured creditorsnote: One of two 'Mortgagees' (with Roynat); subject to Intercompany and Unsecured Claims Preservation Protocol governing distribution of sale proceeds from cross-collateralized properties; comments on Real Estate Protocol received from BMO's counsel. · page: 32 · debtor: Certain DIP Borrowers that acquired real property with BMO financing · creditor: Bank of Montreal (BMO) · currency: CAD · security: Mortgages over cross-collateralized real property forming the 'BMO Mortgage Pool', plus other collateral security for BMO facility obligations
- secured creditorsnote: One of two 'Mortgagees' (with BMO); subject to Intercompany and Unsecured Claims Preservation Protocol governing distribution of sale proceeds from cross-collateralized properties. · page: 32 · debtor: Certain DIP Borrowers that acquired real property with Roynat financing · creditor: Roynat Inc. · currency: CAD · security: Mortgages over cross-collateralized real property forming the 'Roynat Mortgage Pool', plus other collateral security for Roynat facility obligations (including indirect obligations of other DIP Borrowers)
- secured creditorsnote: Consented to the Block 6 Transaction proceeding outside the CCAA Proceedings; net sale proceeds proposed to be held by the Monitor subject to rights and remedies of Block 6's creditors. · page: 66 · debtor: Block 6 Holding Inc. · creditor: Daimler Truck Financial Services Canada Corporation · currency: CAD · security: Security over real property in Milton, Ontario subject to the proposed 'Block 6 Transaction'