British Columbia · CCAA
First Report of the Monitor, December 7, 202 4
Court officer report · 7 December 2024
What we verified from this filing5 verified
- secured creditorsnote: Amount per RBC demand letters dated October 25, 2024 ('approximately'); primary secured lender; also acts as DIP Lender post-filing. · page: 5 · as of: 2024-10-25 · amount: 105000000 · debtor: San Group (Petitioners) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: RBC Credit Facilities - two demand operating revolving loan facilities
- secured creditorsnote: USD-denominated portion of RBC Credit Facilities outstanding per demand letters dated October 25, 2024 ('approximately'). · page: 5 · as of: 2024-10-25 · amount: 1700000 · debtor: San Group (Petitioners) · creditor: Royal Bank of Canada (RBC) · currency: USD · security: RBC Credit Facilities - two demand operating revolving loan facilities
- secured creditorsnote: Amount per BDC demand letters dated November 7, 2024 ('approximately'); primary secured lender. · page: 5 · as of: 2024-11-07 · amount: 43000000 · debtor: Acorn Forest Products Ltd., San Forest Products Ltd., San Industries Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: BDC Credit Facilities (various additional credit facilities)
- financial positionnote: Figures in C$000's per table; comparative FY23 (Oct 31, 2023) total assets $216,530 and total liabilities $207,654 also shown but not used here as this reflects the most recent (YTD24) balance. · page: 9 · as at: 2024-09-30 · basis: Unaudited interim draft compiled combined financial statements (11-months ended September 30, 2024); Monitor notes shareholder equity of $13.3M shown may be understated by $17.9M given YTD losses and prior year equity, and figures are book values only, not necessarily indicative of realizable value · scope: Combined - Operating Entities: San Industries Ltd., San Forest Products Ltd., Coulson Manufacturing 2017 Ltd., Acorn Forest Products Ltd., Axon Lumber Ltd., and Super-Cut Lumber Industries Ltd. · currency: CAD · total assets: 189578000 · total liabilities: 176285000
- secured creditorsnote: Stumpage fee arrears claimed by the Province; regulatory/Crown claim secured by judgment and liens. · page: 9 · amount: 22000000 · debtor: Coulson Manufacturing 2017 Ltd. · creditor: His Majesty the King in Right of the Province of British Columbia · currency: CAD · security: Judgments and liens registered on the Coulson property