Quebec · CCAA
First Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor
Pre-filing report · 17 December 2024
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What we verified from this filing6 verified
- financial positionnote: Total assets from balance sheet 'Total assets' line; total liabilities taken from 'Total secured and unsecured debt' figure in the debt summary table (page 9), which equals Total liabilities and equity ($780,200,000) less Equity (deficit) of $280,435,000 shown on the balance sheet. · page: 7 · as at: 2024-09-30 · basis: Unaudited (per Lion's books and records/financial statements) · scope: Consolidated - The Lion Electric Company and its subsidiaries · currency: USD · total assets: 780200000 · total liabilities: 499765000
- secured creditorsnote: Revolving credit facility; maximum facility limit $200M; floating rate 8.6% p.a. as of Sept 30, 2024; per books and records the balance at Sept 30, 2024 was $117.1M (see debt summary table); this Bank Syndicate is also the proposed DIP Lender. · page: 9 · as of: date of the First Report · amount: 111200000 · debtor: The Lion Electric Company (Lion Group) · creditor: Bank Syndicate (National Bank of Canada as agent, Fédération des Caisses Desjardins, Bank of Montreal) · currency: USD · security: First ranking hypothec over the universality of Lion's assets, subject to prior-ranking security held by CDPQ/Finalta and Groupe Mach on specific assets
- secured creditorsnote: Loan matured November 30, 2024; Lion currently unable to repay the amount owed. · page: 9 · as of: 2024-09-30 · amount: 22660000 · debtor: The Lion Electric Company · creditor: CDPQ Revenu Fixe I Inc. and Fonds Finalta Capital S.E.C. (CDPQ/Finalta) · currency: USD · security: Loan secured by R&D tax credits and subsidies receivables, first ranking security interest on those specific assets
- secured creditorsnote: Innovation Center sold December 16, 2024; security over that specific asset is discharged; net proceeds (~C$50,000,000) applied to partial repayment of these debentures. · page: 9 · as of: 2024-09-30 · amount: 47539000 · debtor: The Lion Electric Company · creditor: Groupe Mach Inc., as fondé de pouvoir (hypothecary representative) for holders of the 2023 Non-Convertible Debentures (including Fondation Saputo) · currency: USD · security: First ranking security interest on the Innovation Center and specific equipment in the Battery Plant
- secured creditorspage: 9 · as of: 2024-09-30 · amount: 27308000 · debtor: The Lion Electric Company · creditor: Investissement Québec (IQ) · currency: USD · security: Loan for acquisition of specific assets related to the Battery Plant
- secured creditorsnote: Amount not separately stated in the debt summary table; BMO is also a member of the Bank Syndicate revolving facility. · page: 9 · as of: 2024-09-30 · debtor: The Lion Electric Company · creditor: Bank of Montreal (BMO) · currency: USD · security: First rank security on certain equipment at the Joliet facility