Quebec · CCAA

2025-05-05 ACL - Initial Application

Application / notice of application · 5 May 2025

What we verified from this filing2 verified

financial positionnote: Total current assets $8,755,000 + total non-current assets $32,366,000 = total assets $41,121,000; total current liabilities $4,925,000 + total non-current liabilities $53,301,000 = total liabilities $58,226,000, both as stated in the Application, sourced from Exhibit R-4. · page: 11 · as at: 2024-09-30 · basis: unaudited interim financial statements (book value) · scope: entity - ACL (the Debtor) only · currency: CAD · total assets: 41121000 · total liabilities: 58226000
secured creditorsnote: Related party: Mazarin is ACL's parent company and majority shareholder. On November 22, 2024, Mazarin was appointed successor attorney (fondé de pouvoir) for all present and future bondholders under the Trust Deed, replacing the original Trustee. The $70,000,000 figure is a registration ceiling, not a balance; the $26,729,000 amount is the balance owed per unaudited interim financial statements. · page: 12 · as of: 2024-09-30 · amount: 26729000 · debtor: Asbestos Corporation Limited (ACL) · creditor: Mazarin Inc. · currency: CAD · security: Immovable Hypothec under Trust Deed dated January 15, 1986 between ACL (Issuer) and Fiducie du Québec (Trustee), registered up to principal amount of $70,000,000, registered in Thetford (no. 110884) and Beauce (no. 368108) land registers; renewed May 11, 2015 and registered under nos. 21517957, 21524569, 21533174; amount reported as 'notes payable to related companies' on balance sheet