Ontario · Foreign recognition (CCAA)
First Report of the Information Officer dated February 20, 2020
Court officer report · 20 February 2020
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What we verified from this filing3 verified
- secured creditorsnote: Part of $376.3 million total funded secured debt; Stikeman confirmed Bank of America N.A., as collateral agent, registered PPSA security interests against each Chapter 11 Debtor (except PIR Trading, Inc., which has no Canadian assets); security opinion in respect of Canadian PPSA perfection not yet finalized as of report date, though no issues identified in preliminary review · page: 10 · as of: Petition Date (February 17, 2020) · amount: 187300000 · debtor: Pier 1 Imports (U.S.), Inc. (Pier 1 Retail); guaranteed by Pier 1 Imports, Inc., Pier 1 Assets, Inc., Pier 1 Licensing, Inc., Pier 1 Holdings, Inc., Pier 1 Services Company, and Pier 1 Value Services, LLC · creditor: ABL Lenders (Bank of America, N.A. as administrative agent, and other lenders; Pathlight Capital LP re: ABL Term Loan) · currency: USD · security: First priority lien on ABL Priority Collateral (cash and equivalents, accounts, inventory) and second lien on substantially all other assets of Pier 1 Retail and Prepetition Guarantors, per Intercreditor Agreement dated April 30, 2014; comprised of $137.3 million ABL Revolving Facility, $15 million FILO Facility, and $35 million ABL Term Loan
- secured creditorsnote: Part of $376.3 million total funded secured debt; 63.8% of Term Loan Lenders support the PSA contemplating debt-to-equity conversion · page: 10 · as of: Petition Date (February 17, 2020) · amount: 189000000 · debtor: Pier 1 Imports (U.S.), Inc. (Pier 1 Retail); guaranteed by Prepetition Guarantors · creditor: Term Loan Lenders (Wilmington Savings Fund Society, FSB, as administrative and collateral agent, and lenders party thereto) · currency: USD · security: First-priority lien on Term Priority Collateral (equipment, fixtures, investment property, intellectual property, owned/leased real estate) per Intercreditor Agreement dated April 30, 2014, and second lien on substantially all other assets of Pier 1 Retail and Prepetition Guarantors
- secured creditorsnote: This is a postpetition/DIP facility, not part of the prefiling capital structure per se, but is secured against pre-existing collateral and proposed to be secured against Canadian Property; included for completeness as a proposed post-filing secured charge · page: 20 · debtor: Pier 1 Imports (U.S.), Inc.; guaranteed by Pier 1 Imports, Inc., Pier 1 Assets, Inc., Pier 1 Licensing, Inc., Pier 1 Holdings, Inc., Pier 1 Services Company, Pier 1 Value Services, LLC, and PIR Trading, Inc. · creditor: DIP Lenders (Bank of America and Wells Fargo Bank, National Association re: Revolving/FILO Commitments; Pathlight Capital LP re: DIP ABL Term Loan) · currency: USD · security: Up to $256 million commitment (superpriority DIP facility): first priority liens on ABL Priority Collateral, second priority liens on Term Priority Collateral; proposed DIP Lenders' Charge over Canadian Property, ranking third after Administration Charge and Directors' Charge