Quebec · CCAA
Application for the Issuance of an Initial Order
Application / notice of application · 17 May 2024
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What we verified from this filing2 verified
- secured creditorsnote: Described in the Application as IntelGenx's 'only secured creditor' and 'principal secured creditor'; original Loan Agreement dated March 8, 2021 (amended May 14, 2021) advanced a USD 2,000,000 term loan at 8% interest. Per the Debtors' book value liabilities as of March 31, 2024 (consolidated basis), the Atai secured debt is presented as separate line items: 'Long-term debt (Atai loan payable)' USD 7,649,038, 'Long-term debt (Atai loan payable) third amendment' USD 670,405, and related 'Accrued interest payable' USD 6,900 — not summed here per source presentation (components only, no stated total for this specific debt). Atai also holds ~21.4% of IntelGenx Tech's shares (related party) and is providing post-filing Interim Advances/DIP financing secured by a proposed super-priority Interim Advances Charge. · page: 11 · as of: 2024-03-31 · debtor: IntelGenx Corp. · creditor: Atai Life Sciences AG · currency: USD · security: Movable Hypothec (Deed of Hypothec) dated March 8, 2021 registered for a principal sum of CAD $4,000,000 plus 25% interest (registration ceiling, not a balance); Deed of Hypothec on Intellectual Property registered for a principal sum of CAD $17,000,000 plus 25% interest (registration ceiling, not a balance); secured by Guaranty of IntelGenx Technologies Corp. (parent company) dated March 8, 2021 (related party guarantor)
- financial positionnote: CAD equivalents also stated: total assets CAD 8,873,630.73; total liabilities CAD 29,667,377.32. Asset total detailed on p.14; liability total and its components detailed on p.15. Debtors state they are 'clearly insolvent' since liabilities far exceed assets. · page: 14 · as at: 2024-03-31 · basis: book value, consolidated basis · scope: consolidated - IntelGenx Corp. and IntelGenx Technologies Corp. (the Debtors) · currency: USD · total assets: 6548739 · total liabilities: 21894524.46