Ontario · CCAA
Report of the Proposed Monitor .pdf
Pre-filing report · 8 March 2019
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 filing2 verified
- secured creditorsnote: Related party: TM is affiliated with JTIM within the Japan Tobacco group; TM is in receivership (PwC privately appointed receiver by ParentCo on July 9, 2015 under separate security); document elsewhere describes this debt in round terms as 'approximately $1.2 billion' (pages 13, 26); secured creditors (including TM) agreed to forbearance from enforcement per Forbearance Letter dated August 3, 2017 (amended multiple times through Jan 8, 2019) · page: 11 · as of: 2018-12-31 · amount: 1187674000 · debtor: JTI-Macdonald Corp. (JTIM) · creditor: JTI-Macdonald TM Corp. ("TM") · currency: CAD · security: TM Term Debentures (secured convertible debentures due Nov 18, 2024); valid security interest in personal property of JTIM located in Nova Scotia, Ontario, Alberta and British Columbia and in personal and real property of JTIM located in Quebec; registrations also exist (unopined by Monitor's Counsel, who is not licensed in these jurisdictions) in Saskatchewan, Manitoba, New Brunswick, PEI and Newfoundland & Labrador, though collateral there is limited to non-material inventory
- secured creditorsnote: Related party: ParentCo is JTIM's direct parent; no amounts currently owing under this credit facility (principal balance nil as at February 28, 2019); a separate demand note of $8,989 thousand due from JTIM to ParentCo is disclosed as a related-party payable but is not identified as secured · page: 11 · as of: 2019-02-28 · amount: 0 · debtor: JTI-Macdonald Corp. (JTIM) · creditor: JT Canada LLC Inc. ("ParentCo") · currency: CAD · security: Security granted by JTIM to ParentCo over JTIM's obligations under a revolving line of credit (ParentCo Loan Agreement entered June 25, 2015, replacing a facility with Citibank)