What we verified from this filing4 verified
- secured creditorsnote: Amount stated in affidavit as 'TBC 9,644,4180.00, plus fees and costs of enforcement'; source figure formatting is irregular/OCR-affected, interpreted here as $9,644,418.00. Indebtedness comprises a demand operating credit and a demand revolving instalment loan. Guaranteed by GNT Group subsidiaries. Related but separate: a Kemexon LC drawn amount of USD 1,243,869.03 is held in a deposit-only account pending Court ruling on CIBC's set-off rights; an AGT LC drawing is also expected to be set off by CIBC absent Court direction otherwise (see pp.2-3). · page: 1 · as of: 2024-09-11 · amount: 9644418 · debtor: Great Northern Timber Incorporated · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: First charge on inventory, accounts receivable and proceeds thereof of the GNT Group; first charge on specifically financed equipment; second charge on real estate and other equipment of the GNT Group; second-priority collateral mortgage on land/buildings at 9171 Highway #224, Upper Musquodoboit, NS and 70 McInnes Drive, Sheet Harbour, NS; unlimited guarantees from Great Northern Timber Int'l Limited, Northern Fibre Terminal Incorporated, Great Northern Timber Global Limited, and Great Northern Timber Resources Inc.; $250,000 guarantees each from Hunter Corporation Limited and Maycorp Investments Limited (related/affiliated parties); EDC guarantee via TELP for 75% of liabilities under the Demand Operating Credit and documentary L/C facility, to a stated maximum of $8,250,000, EDC ranking pari passu with CIBC on security
- secured creditorspage: 2 · debtor: Great Northern Timber Incorporated / GNT Group · creditor: Roynat Inc. · currency: CAD · security: First charge on the real estate and non-CIBC financed equipment of the GNT Group
- secured creditorsnote: Claim(s) postponed/assigned in favour of CIBC pursuant to the Credit Agreement; specific related-party lender(s) not named in these pages · page: 11 · debtor: Great Northern Timber Incorporated / GNT Group · creditor: Unnamed related-party lender(s) · currency: CAD · security: Assignment and postponement of claim from any related-party lender with respect to all amounts owing by the Borrower or the guarantors
- secured creditorsnote: Position arises from an intercreditor guarantee arrangement, not a stated debt balance owed by the Borrower to EDC directly · page: 11 · debtor: Great Northern Timber Incorporated · creditor: Export Development Canada (EDC) · currency: CAD · security: Guarantee via the Trade Expansion Lending Program (TELP) covering 75% of the liabilities of the Borrower to CIBC under the Demand Operating Credit and the Demand Credit for documentary L/Cs, subject to a stated maximum of $8,250,000 (a facility/guarantee ceiling, not a balance); EDC ranks pari passu with CIBC on all security