British Columbia · Interim receivership
Affidavit #1 of Bernard Aaron Rokstad, sworn Oct 31, 2024
Affidavit · 1 November 2024
What we verified from this filing3 verified
- secured creditorsnote: USD portion of total CWB Facility balance per CWB Demand of September 4, 2024; a separate CAD-denominated balance also outstanding (see paired entry). Facility sold/assigned by CWB to Stellex on October 7, 2024. Blakes Cassels letter dated October 8, 2024 refers to 'more than US $35 million' owed to Stellex on this facility (approximation/floor). · page: 5 · as of: 2024-09-03 · amount: 25703129.31 · debtor: Rokstad Holdings Corporation and the Rokstad Group entities (borrowers/guarantors under the CWB Loan Agreement/ARCA) · creditor: Canadian Western Bank (CWB) Facility (acquired by Stellex Power Line Opco LLC / 1501841 B.C. Ltd. on October 7, 2024) · currency: USD · security: General Security Agreements, guarantees, DACA and related loan security under Amended and Restated Credit Agreement dated December 22, 2020 (ARCA), CWB Facility limit CAD$65,000,000 (as amended April 1, 2021); Intercreditor Agreement Senior Loan Cap CAD$70,000,000
- secured creditorsnote: CAD portion of total CWB Facility balance per CWB Demand of September 4, 2024, paired with the USD-denominated portion of the same facility. Facility sold/assigned by CWB to Stellex on October 7, 2024. · page: 5 · as of: 2024-09-03 · amount: 7939189.15 · debtor: Rokstad Holdings Corporation and the Rokstad Group entities (borrowers/guarantors under the CWB Loan Agreement/ARCA) · creditor: Canadian Western Bank (CWB) Facility (acquired by Stellex Power Line Opco LLC / 1501841 B.C. Ltd. on October 7, 2024) · currency: CAD · security: General Security Agreements, guarantees, DACA and related loan security under Amended and Restated Credit Agreement dated December 22, 2020 (ARCA), CWB Facility limit CAD$65,000,000 (as amended April 1, 2021); Intercreditor Agreement Senior Loan Cap CAD$70,000,000
- secured creditorsnote: Amount per Crown Demand dated October 2, 2024, stated as of September 6, 2024; reflects payment-in-kind interest accrued on top of original loan principal. Facility acquired by Stellex on October 29, 2024, after the demand. · page: 5 · as of: 2024-09-06 · amount: 61129479 · debtor: Rokstad Holdings Corporation and the Rokstad Group entities (borrower/guarantors under the Crown Loan Agreement/ARLA) · creditor: Crown Capital Partner Funding LP, by its general partner Crown Capital LP Partner Funding Inc. ("Crown") (Crown Facility acquired by Stellex on October 29, 2024) · currency: CAD · security: Guarantees and security from RPI, RPE and Rok Air mirroring CWB's security (obtained June 12, 2023); original Crown Facility principal advanced CAD$30,000,000 (April 2019) plus further advance of $20,000,000 (November 2019 ARLA); Crown Facility postponed and subordinated to the CWB Facility up to the Intercreditor Agreement's "Senior Loan Cap" of CAD$70,000,000