Ontario · Foreign recognition (CCAA)
First Report of the Information Officer
Court officer report · 22 July 2024
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 filing10 verified
- unsecured creditorsnote: Comprised of amounts owing to IT vendors, professional/consultants and investor relations firms; document names no individual creditors · page: 28 · as of: Petition Date · basis: As reported in First Report · amount: 115000 · debtor: Nevada Copper Corp. · creditor: Unsecured trade creditors of NCU (aggregate as reported) · currency: USD
- secured creditorsnote: Stream Agreement deposits, approximate amount outstanding as of Petition Date · page: 29 · as of: Petition Date · amount: 78200000 · debtor: Nevada Copper, Inc. · creditor: Triple Flag International Ltd. (Stream Agreement) · currency: USD · security: Second-priority lien in Project Collateral; third-priority lien in APA Collateral; all Debtors are guarantors
- secured creditorsnote: Approximate principal amount outstanding (including capitalized interest) as of Petition Date; part of total secured debt of ~$279.2 million · page: 29 · as of: Petition Date · amount: 188000000 · debtor: Nevada Copper, Inc. and all Debtors (guarantors) · creditor: Second A&R Credit Agreement Lenders (KfW IPEX-Bank GmbH as agent; Initial Senior Lenders; Pala Investments Limited (Tranche A-2); Triple Flag International Ltd. (Tranche A-2); TF R&S Canada Ltd (Tranche A-2); Mercuria Investments US, Inc (Tranche A-2)) · currency: USD · security: First-priority liens on substantially all property/assets of the Debtors (Project Collateral, except APA Collateral); second-priority lien on APA Collateral; Tranche B Loans separately guaranteed by Pala
- secured creditorsnote: Approximate principal amount outstanding as of Petition Date · page: 30 · as of: Petition Date · amount: 3000000 · debtor: Nevada Copper, Inc. · creditor: Concord Resources Limited (Advance Payment Facility) · currency: USD · security: First-priority lien in APA Collateral; third-priority lien in Project Collateral
- secured creditorsnote: Related party (largest shareholder of NCU, ~61.66% of shares); approximate principal outstanding as of Petition Date · page: 30 · as of: Petition Date · amount: 10000000 · debtor: Nevada Copper Corp. · creditor: Pala Investments Ltd. (Third A&R Loan Agreement) · currency: USD · security: Fourth-priority lien on substantially all Debtors' assets; all Debtors are guarantors
- secured creditorsnote: Not funded indebtedness; secures potential reimbursement obligations re: two outstanding Surety Bonds totaling $321,000 in the aggregate · page: 31 · as of: Petition Date · debtor: Nevada Copper Corp. · creditor: Trisura Insurance Company · currency: USD · security: Lien on NCU's assets securing potential reimbursement obligations
- unsecured creditorsnote: Component of total unsecured funded debt of approximately $226.6 million · page: 32 · as of: not stated · basis: Prepetition Report figures as reported · amount: 78300000 · debtor: Debtors · creditor: Unsecured Loans (as defined in Martin Affidavit) · currency: USD
- unsecured creditorsnote: Related party (parent-subsidiary intercompany loan); documented intercompany loans from NCU to NCI; component of total unsecured funded debt of approximately $226.6 million · page: 32 · as of: not stated · basis: Prepetition Report figures as reported · amount: 148300000 · debtor: Nevada Copper, Inc. · creditor: Nevada Copper Corp. (Intercompany Loans to Nevada Copper, Inc.) · currency: USD
- sale advisorMoelis
- sale outcometext: Bidding Procedures Order approved and process ongoing; no stalking horse or bids yet · scope: whole_business · status: process_approved