Ontario · Foreign recognition (CCAA)
Application Record of Ligado Networks LLC
Application / notice of application · 14 January 2025
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What we verified from this filing12 verified
- applicantLigado Networks LLC
- commencement date14 January 2025
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00734802-00CL
- statutory basissection 46 of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C 36, as amended
- appointeeFTI Consulting Canada Inc.
- appointee roleProposed Information Officer
- secured creditorsnote: Facility originally sized up to approximately $141.0 million (p.104); increased via multiple amendments (Apr. 2023 through Dec. 2024). Capital structure table (p.100) shows approximate principal outstanding of $319.5 million as of the Petition Date. Bears default interest 17.5% PIK since Nov. 1, 2023 maturity; subject to 1L Loan Forbearance Agreement (extended to Feb. 7, 2025). · page: 219 · as of: as of the date hereof (Restructuring Term Sheet) · amount: 319471010 · debtor: Ligado Networks LLC · creditor: Prepetition First Lien First Out Lenders (administered by U.S. Bank Trust Company, National Association) · currency: USD · security: Perfected first-priority liens on Prepetition Collateral, pari passu with the Prepetition First Lien Notes; ranks senior in right of payment to all other Prepetition First Lien Debt ("first out")
- secured creditorsnote: Facility limit approximately $122.3 million (p.104), matching outstanding balance. Capital structure table (p.100) shows approximate principal outstanding of $122.3 million as of the Petition Date. Subject to 1L Loan Forbearance Agreement (extended to Feb. 7, 2025). · page: 220 · as of: as of the date hereof (Restructuring Term Sheet) · amount: 122303734 · debtor: Ligado Networks LLC · creditor: Prepetition First Lien Senior Pari Lenders (administered by U.S. Bank Trust Company, National Association) · currency: USD · security: Perfected first-priority liens on Prepetition Collateral, pari passu with the Prepetition First Lien Notes and the First Lien First Out Term Loans (except as to payment priority)
- secured creditorsnote: Prose states approximately $5.5 billion in principal and accrued interest outstanding as of the Petition Date (p.105). Originally issued at $2.85 billion aggregate principal (Oct. 2020); increased by a $25.1 million consent fee (Dec. 2022) and amendments permitting incremental notes not exceeding $75,000,000 (May 2024). Guaranteed by Ligado's material subsidiaries. Subject to 1L Notes Forbearance Agreement (forbearance extended to Feb. 7, 2025) due to anticipated payment default at Nov. 1, 2023 maturity; default interest 17.5% PIK since maturity. · page: 220 · as of: as of the date hereof (Restructuring Term Sheet) · amount: 5491770702 · debtor: Ligado Networks LLC · creditor: Prepetition First Lien Noteholders (U.S. Bank National Association, as Prepetition First Lien Notes Trustee and Collateral Trustee) · currency: USD · security: Perfected first-priority liens on and security interests in substantially all of the Debtors' assets (the "Prepetition Collateral"), other than excluded property; pari passu with the Prepetition First Lien Loan Facility
- secured creditorsnote: Prose states approximately $591.5 million in principal and accrued interest outstanding as of the Petition Date (p.109). Subject to 1.5L Forbearance Agreement (extended to Feb. 7, 2025) due to anticipated payment default at Feb. 2, 2024 (later May 1, 2024) maturity; default interest add-on of 2.00%. · page: 220 · as of: as of the date hereof (Restructuring Term Sheet) · amount: 591504126 · debtor: Ligado Networks LLC · creditor: Prepetition 1.5 Lien Lenders (administrative agent Jefferies Finance LLC) · currency: USD · security: Perfected 1.5-priority liens on Prepetition Collateral, junior to Prepetition First Lien Debt and senior to Prepetition Second Lien Notes; guaranteed by Ligado's material subsidiaries on a 1.5-priority basis
- secured creditorsnote: Prose states approximately $2.0 billion in principal and accrued interest outstanding as of the Petition Date (p.111). Originally issued at $1.0 billion aggregate principal (Oct. 2020) at 75% issue price. Subject to 2L Forbearance Agreement (extended to Feb. 7, 2025) due to anticipated payment default at May 1, 2024 maturity; default interest rate 19.5% PIK. · page: 221 · as of: as of the date hereof (Restructuring Term Sheet) · amount: 2050029494 · debtor: Ligado Networks LLC · creditor: Prepetition Second Lien Noteholders (Wilmington Savings Fund Society, FSB, as Trustee, successor to U.S. Bank National Association) · currency: USD · security: Perfected second-priority liens on Prepetition Collateral, junior to Prepetition First Lien Debt and Prepetition 1.5 Lien Facility; guaranteed on a second-lien priority basis by the same subsidiaries guaranteeing the First Lien Notes and 1.5 Lien Facility