Quebec · CCAA
Report of the Proposed Monitor
Pre-filing report · 17 December 2024
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What we verified from this filing3 verified
- financial positionnote: Full financial statements are filed under seal at the Applicants' request due to competitive-sensitivity concerns (existence only, figures not otherwise disclosed). Disclosed summary shows 'Debt' (not stated as total liabilities) of $48.2M (FY2022), $77.1M (FY2023) and $68.7M (FY2024); no total assets or total liabilities figures are stated in the unsealed portion of the report. · page: 6 · as at: 2024-06-30 · basis: Unaudited, draft consolidated financial statements (Industries RAD Inc.) for years ended June 30, 2024 and June 30, 2023; full statements filed under seal as Appendices A and B; only a summary income-statement table and a single 'Debt' line item are disclosed in the report itself · scope: Industries RAD Inc. consolidated (including Rocky Mountain and Faucher divisions) · currency: CAD
- secured creditorsnote: Outstanding balance exceeds credit facility limit (Borrowing Base) by approximately $7.7 million; forbearance agreement entered August 14, 2024 permitting borrowing $5.7 million in excess of Borrowing Base; described as Applicants' senior secured lender. · page: 7 · as of: 2024-12-06 · amount: 30100000 · debtor: Industries RAD Inc. · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: Operating credit facility; senior secured lender
- secured creditorsnote: Amount is an aggregate of four term loans, stated as approximate ('approximately $12.5 million'); moratorium of principal payments granted June 1, 2024 to November 30, 2024. · page: 8 · as of: 2024-11-30 · amount: 12500000 · debtor: Industries RAD Inc. and Gestion immobilière RAD Inc. · creditor: Roynat Inc. · currency: CAD · security: Four term loans (aggregate outstanding amount)