Ontario · Foreign recognition (CCAA)
Third Report of the Information Officer dated 16 August 2023
Court officer report · 16 August 2023
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: Facility limit/balance not separately stated beyond roll-up amount · page: 6 · debtor: Chapter 11 Debtors (including Canadian Debtors) · creditor: DIP ABL Lenders · currency: USD · security: DIP ABL Facility (roll-up of Prepetition ABL Facility)
- secured creditorsnote: Outstanding borrowings totalling approximately $121.4 million as of the Petition Date, deemed substituted/exchanged for ABL DIP Obligations under the DIP ABL Facility (roll-up facility) · page: 6 · as of: Petition Date · amount: 121400000 · debtor: Chapter 11 Debtors (including Canadian Debtors) · creditor: Prepetition ABL Lenders (Prepetition ABL Facility) · currency: USD · security: Prepetition ABL Facility; approximately $22.3 million of issued letters of credit also outstanding, rolled up into DIP ABL Facility
- secured creditorsnote: Amount not stated as a single outstanding balance; facility fully drawn ($132.5M) plus $30M DIP Upsizing drawn · page: 8 · as of: 2023-08-16 · debtor: Chapter 11 Debtors (including Canadian Debtors) · creditor: DIP Term Loan Lenders · currency: USD · security: DIP Term Loan Facility; original commitment $132.5 million, fully drawn; upsized by $30 million new super senior first-out tranche under Third DIP Amendment (total commitment $162.5 million)
- sale advisorGuggenheim Securities, LLC
- sale outcometext: The Chapter 11 Debtors are currently advancing the sale process set out by the Bidding Procedures, with the Bid Deadline and Auction still to come. · scope: whole_business · status: process_approved