Alberta · CCAA
Monitor's Pre-filing Report (Stamped)
Pre-filing report · 14 May 2020
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 filing2 verified
- secured creditorsnote: Amount left null because the debt is stated in two currencies (CAD$72.4M and USD$12.8M) and the report gives no single-currency total; not converted or summed. Cash flow forecast (draft, management-prepared) shows an ABL balance of $92,616K (CAD$000s, USD converted at C$1:US$0.711) as the opening pre-filing balance; this is a forecast-schedule figure, not the stated payout balance. · page: 6 · as of: 2020-05-11 · debtor: ENTREC Corporation and subsidiaries (Applicants) · creditor: Wells Fargo Capital Finance Corporation Canada, as agent for a syndicate of lenders (ABL Facility, Credit Agreement dated October 10, 2017) · currency: CAD · security: Senior secured asset-based credit facility secured by substantially all of ENTREC's property; validity and enforceability of security in Canada and US confirmed by NRF opinion, subject to minor priority issues (garage keepers' liens, PMSI, other minor competing claims). Stated outstanding as at May 11, 2020, excluding fees and other obligations: CAD$72.4 million and USD$12.8 million in total, comprised of Revolving Loans of approx. CAD$72.3 million and USD$12.7 million plus interest and costs, and Letters of Credit of approx. CAD$84,900 and USD$110,000 plus interest and costs. Debtor in default of financial covenants.
- secured creditorsnote: Stated as approximately $4.9 million outstanding. Facility limit is $5.0 million (limit, not balance). CWB is also a participating lender in the Syndicate. The cash flow forecast carries the operating line at $5,000K. · page: 6 · as of: 2020-05-01 · amount: 4900000 · debtor: ENTREC Corporation and subsidiaries (Applicants) · creditor: Canadian Western Bank (Operating Facility) · currency: CAD · security: Operating facility to maximum principal of $5.0 million to finance day-to-day operations; ranks pari passu with the ABL Facility; security validity opinion by NRF covers the Operating Facility in Canada and US.