Alberta · Proposal
Minutes of the First Meeting of Creditors
Meeting materials · 4 August 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: Exact claim amount ($212,891,590.00) is the proof of claim filed by Bridging Income Fund LP, accepted by Trustee based on Security Opinion confirming validity/enforceability against 7198362 and 12703131. Bridging Demands dated June 8, 2021 described the debt in round figures: approximately $212.9 million, consisting of principal ~$145.8 million, additional transfers ~$14.2 million, and interest/penalties ~$52.9 million (components, not summed here). Security Opinion pending-to-confirmed status: Trustee 'has received' the Security Opinion concluding validity. · page: 3 · as of: 2021-08-03 · amount: 212891590 · debtor: Alaska-Alberta Railway Development Corporation (AARDC) (primary borrower); 7198362 Manitoba Ltd. and 12703131 Canada Ltd. (co-obligors under tenth amendment) · creditor: Bridging Income Fund LP (claim under Bridging Finance Inc./"Bridging") · currency: CAD · security: General security agreement over all present and after-acquired property of AARDC and proceeds thereof ("Bridging Security")
- financial positionnote: SOA lists individual asset balances without a stated aggregate total: securities account at Canaccord Genuity Corp. ~$27.9 million; account at National Bank of Canada ~$5.0 million; retainer held by Dickinson Wright LLP ~$950,000 (components not summed per SOA). All Assets are stated to be subject to registered security interests (Bridging Security), and the Trustee is preparing to release its interest in the Assets to Bridging, leaving no funds for unsecured creditors. No total liabilities figure is stated for 7198362; its exposures include obligor status on the Bridging Loan (~$212.9 million demanded, secured against AARDC's assets) and ~$11.4 million owed to related company 7047747 Manitoba Ltd. (unsecured). · page: 5 · basis: Statement of Affairs (SOA) prepared from books and records not reviewed or audited by the Trustee; balances described as approximate · scope: 7198362 Manitoba Ltd. (entity level) · currency: CAD
- unsecured creditorsnote: Related company; amount stated as approximate ("approximately $11.4 million") in the Trustee's Preliminary Report. Trustee states there will be no funds available for distribution to unsecured creditors due to the size of the secured Bridging Claim. · page: 6 · as of: Statement of Affairs (SOA) · basis: Statement of Affairs as reported by 7198362 · amount: 11400000 · debtor: 7198362 Manitoba Ltd. · creditor: 7047747 Manitoba Ltd. · currency: CAD
- recovery outcomeentries: basis: unstated · quote: There will be no funds available to distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2021-08-03 · table missing: