Ontario · Foreign recognition (CCAA)
First Report of the Information Officer dated September 29, 2017
Court officer report · 29 September 2017
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What we verified from this filing4 verified
- unsecured creditorsnote: Document names no individual creditors; figure described as preliminary/approximate ('understands...approximately'); Debtors' Canadian creditor composition not fully finalized as of report date · page: 14 · as of: September 18, 2017 (date of Pre-filing Report) · basis: Proposed Information Officer's understanding based on limited information received on Canadian creditor composition; Debtors still working to provide additional details · amount: 11000000 · debtor: WD Navarre Canada, ULC (Local Debtor) · creditor: Top 20 unsecured creditors (aggregate as understood by Proposed Information Officer) · currency: USD
- secured creditorsnote: Post-filing financing (DIP), not pre-filing debt; included here for completeness of secured stack disclosed in document but represents postpetition, not pre-filing, capital structure · page: 17 · as of: Interim DIP Order (September 13/14, 2017); increased to $8 million under Second Interim DIP Order dated September 27, 2017 · amount: 3500000 · debtor: US Borrowers and WD Navarre Canada, ULC (Canadian Borrower); WYNIT Holdings, Inc. as guarantor · creditor: DIP Lenders (Wells Fargo Bank, N.A. as Agent, JPMorgan Chase Bank, N.A., SunTrust Robinson Humphrey, Inc., SunTrust Bank) · currency: USD · security: Super-priority DIP Lender's Charge in both US and Canada; DIP Facility commitment up to $15 million (facility limit, not balance); interim advances increased from $3.5 million to $8 million per Second Interim DIP Order
- secured creditorsnote: Approximately $76 million outstanding as at petition date; DIP Facility roll-up applies repayments first against this facility; security opinion confirmed valid and perfected (not merely pending) · page: 18 · as of: date of filing of the petitions (September 8, 2017) · amount: 76000000 · debtor: All Debtors, including WD Navarre Canada, ULC (Local Debtor); WYNIT Holdings, Inc. as guarantor · creditor: Prepetition Senior Lenders (syndicate under Prepetition Credit Facility) · currency: USD · security: Security over all of the Debtors' assets, including all assets of the Local Debtor, registered under Ontario PPSA; independent security opinion obtained by Chaitons LLP confirming valid and perfected security interest
- secured creditorsnote: Only other secured creditor registered under PPSA besides Prepetition Senior Lenders; amount not stated; represented at First Day Motions hearing with input into Interim DIP Order · page: 18 · debtor: WD Navarre Canada, ULC (Local Debtor) · creditor: Fitbit, Inc. · security: Registered secured creditor under Ontario Personal Property Security Act (PPSA); blanket/all-property registrant