Quebec · CCAA
2025-09-02 Application for the issuance of an Initial Order (in French)
Application / notice of application · 2 September 2025 · French
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What we verified from this filing10 verified
- applicantINVESTISSEMENT QUÉBEC
- courtCOUR SUPÉRIEURE
- court file no500-11-
- provinceQUÉBEC
- appointeeRaymond Chabot inc.
- appointee rolecontrôleur
- statutory basisArticles 9, 10, 11 et s. et 23 de la Loi sur les arrangements avec les créanciers des compagnies, L.R.C. (1985), c. C-36
- secured creditorsnote: Pledge consented to by IQ conditional upon an amendment to the Convention de prêt (concluded 2024-11-19); benefits Northvolt AB's lenders, not directly the Debtors. · page: 12 · debtor: NVNA (Batteries Northvolt Nord-Amérique inc.) · creditor: Nordic Trustee & Agency (as agent under Accordion Facility) · currency: USD · security: Canadian Share Pledge over all shares of NVNA, granted to secure the Accordion Facility of USD 150,000,000 (expandable up to USD 250,000,000, for a total of USD 400,000,000), itself part of a credit facility of USD 750,000,000 in favour of Northvolt AB. Figures are facility limits, not a balance owed by NVNA.
- financial positionnote: MCMSB: total assets $286,165,000 (incl. cash $1,658,000, PP&E $270,110,000, related-party receivable $14,396,000); total liabilities $278,957,000 (incl. payables/accrued $14,419,000, related-party debt $25,623,000, long-term debt $238,914,000). NVNA: total assets $790,500,000 (incl. cash $258,726,000, receivables $28,243,000, PP&E $267,474,000, investment in subsidiary $7,183,000, related-party receivable $4,500,000, right-of-use assets $222,162,000); total liabilities $284,981,000 (incl. payables/accrued $29,539,000, lease liabilities $255,442,000). Cash subject to blocked account agreements; Terrain subject to IQ's Sûretés. · page: 13 · as at: 2024-12-31 · basis: non-audité (unaudited), figures stated in thousands of CAD · scope: Entity-level, non-consolidated balance sheets of MCMSB and NVNA (not summed per figures provided separately) · currency: CAD
- secured creditorsnote: Northvolt AB (parent, related party) subordinated all its claims against MCMSB, 9500 and NVNA to IQ's claims (Convention de subordination, 2023-10-31). NVNA (related party, affiliate/associate) provided a solidary guarantee (cautionnement solidaire) of MCMSB's obligations under the Convention de prêt. Under the Convention de tolérance (2025-04-09), Débitrices acknowledged a debt to IQ of $257,048,515.36 as of 2025-03-17 and confirmed validity of the Sûretés. Convention de prêt (Pièce R-10) and Convention de jalons (Pièce R-16) filed under seal. · page: 14 · as of: 2025-07-30 · amount: 260756663.27 · debtor: MCMSB, NVNA (Batteries Northvolt Nord-Amérique inc.), 9500-9551 Québec inc. · creditor: Investissement Québec (IQ) · currency: CAD · security: Package of hypothecs securing the Convention de prêt and Convention de jalons: (i) first-rank immovable/movable conventional hypothec for $240,000,000 plus 25%/yr interest plus additional 25% hypothec, over the Terrain and universality of related movables, registered RDPRM 2023-10-31 (No. 23-1293239-0001) and Land Registry 2023-10-31 (No. 28 361 332); (ii) first-rank movable hypothec over bank account balances (no stated amount); (iii) movable hypothec for $350,000,000 plus 25%/yr interest plus additional 25% hypothec over bank account balances, registered RDPRM 2024-11-06 (No. 24-1397221-0001); (iv) second-rank immovable/movable hypothec for $650,000,000 plus 25%/yr interest plus additional 25% hypothec over the Terrain and related universality (including securities/shares), registered RDPRM 2023-11-01 (No. 23-1299689-0001) and Land Registry 2023-10-31 (No. 28 361 480); (v) movable hypothec with dispossession by NVNA for $650,000,000 plus 25%/yr interest over units/shares of MCMSB, registered RDPRM 2023-10-31 (Nos. 23-1293239-0004/0003); (vi) movable hypothec with dispossession by 9500 for $650,000,000 plus 25%/yr interest over units/shares of MCMSB, registered RDPRM 2023-10-31 (Nos. 23-1293239-0005/0002). Stated figures are registration ceilings/principal amounts, not outstanding balances.