Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 1 February 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 filing1 verified
- secured creditorsnote: This is the applicant/senior secured lender group in the underlying s.243 BIA receivership application (MBL v. Trade X et al.); no outstanding balance/Advance amount owing is stated in the excerpted pages of this First Report · page: 5 · debtor: Techlantic Ltd., TX OPS Global Funding I, LLC (Borrower), TX OPS Indiana Limited (Parent), TX OPS Canada Corporation and other Trade X Debtors · creditor: MBL Administrative Agent II LLC, as Administrative Agent for the Lenders (a syndicate including Post Road Specialty Lending Fund II LP and Post Road Specialty Lending Fund (UMinn) LP) · currency: USD · security: Senior Secured Revolving Credit Agreement dated September 27, 2021 (referred to in the Receiver's Report as the 'Global Facility' dated February 5, 2021), secured by Collateral (including financed vehicles, proceeds, Collection Accounts, and TX Canada Collateral) pursuant to Security Documents, including a Guaranty and Security Agreement to be executed by Techlantic in favour of the Administrative Agent; facility ceilings only stated: Initial Revolving Commitment of $25,000,000 (Section 1.01), with Additional Revolving Commitments not to exceed $25,000,000 in the aggregate, capping total Revolving Commitments at $50,000,000 (Sections 2.01(b)(vii)) — these are facility limits, not an outstanding balance