British Columbia · CCAA
First Report of the Monitor
Court officer report · 2 July 2020
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What we verified from this filing4 verified
- financial positionnote: Asset and liability figures carry different as-at dates (assets Dec 31, 2019; liabilities June 19, 2020); dates not aligned in source document. Total assets figure is from a table headed 'in 000's' and has been scaled accordingly ($343,079 thousand = $343,079,000). · page: 19 · as at: 2020-06-19 · basis: Assets: 2019 unaudited consolidated (105 BC pro-forma) financial statements, book value, as at December 31, 2019 (see page 17); Liabilities: Monitor's Estimate of Liabilities as at June 19, 2020, based on Petitioners' books/records and Senior Leaders' information (see page 19) · scope: 105 BC (consolidated, parent and Nova Scotia subsidiary Petitioners) · currency: CAD · total assets: 343079000 · total liabilities: 311019464
- secured creditorsnote: Balance of amounts owing on loans advanced by the Province; part of Monitor's Estimate of Liabilities as at June 19, 2020 (combined Province secured line of $84,874,246 also includes Northern Timber loan below) · page: 19 · as of: 2020-06-19 · amount: 20093700 · debtor: Northern Pulp Nova Scotia Corporation · creditor: Province of Nova Scotia · currency: CAD · security: Collateral mortgage and general security agreement (GSA)
- secured creditorsnote: Balance of amounts owing on $75,000,000 loan advanced by the Province; part of Monitor's Estimate of Liabilities as at June 19, 2020 · page: 19 · as of: 2020-06-19 · amount: 64780546 · debtor: Northern Timber Nova Scotia Corporation · creditor: Province of Nova Scotia · currency: CAD · security: General Assignment of Rents and Other Monies; original loan principal $75,000,000; additional security by share pledge agreement whereby Northern Timber Nova Scotia LP pledged all shares in Northern Timber's capital stock in favour of the Province
- secured creditorsnote: Related party: PEC is the Petitioners' parent/owner and also a customer and creditor. Senior Leaders informed Monitor that of the approximately $213.3 million owed by Northern Pulp to PEC, approximately $29.8 million is secured (prose approximation); exact figure per Monitor's Estimate of Liabilities used here. PEC also holds separate unsecured claims against Northern Pulp ($133,527,616) and 105 BC ($49,925,965), not included as secured. · page: 20 · as of: 2020-06-19 · amount: 29859548 · debtor: Northern Pulp Nova Scotia Corporation · creditor: Paper Excellence Corporation (PEC) · currency: CAD · security: Collateral mortgages and a general security agreement