Quebec · CCAA
Application for the Appointment of an Interim Receiver (in French only)
Application / notice of application · 19 September 2023
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 filing5 verified
- financial positionnote: Per-entity breakdown provided; long-term debt of the Débitrices increased from $77M (2022) to $100.1M as at March 31, 2023 per unaudited consolidated financial statements (sealed as Exhibit P-11) · page: 6 · as at: 2023-07-31 · basis: Balance sheets obtained by PWC and prepared based on the Débitrices' books and records (approximate figures) · scope: Combined/aggregate of four debtor entities: Tergeo Minéraux Critiques inc. (assets $78.8M, mostly intercompany receivables from the other three entities; liabilities $6.3M), Alliance Magnésium Métallurgie inc. (assets $59.3M; liabilities $176.7M), Alliance Magnésium inc. (assets $75.9M; liabilities $84.6M), Alliance Magnésium Mines inc. (assets $19.1M; liabilities $21.2M) · currency: CAD · total assets: 233100000 · total liabilities: 288800000
- secured creditorsnote: Approximate outstanding balance per unaudited consolidated financial statements as at March 31, 2023; ranks first · page: 6 · as of: 2023-03-31 · amount: 57900000 · debtor: Tergeo Minéraux Critiques inc. et al. (Débitrices) · creditor: Wilmington Trust, National Association (WTNA) · currency: CAD · security: Hypothèques conventionnelles sans dépossession sur l'universalité des biens meubles des Débitrices, publiées le 20 mars 2020, au montant de 75 000 000$, plus une hypothèque additionnelle de 15 000 000$, intérêt 25%/an; creancière de premier rang
- secured creditorsnote: Approximate outstanding balance per unaudited consolidated financial statements as at March 31, 2023; components are registered principal amounts, not summed by extractor · page: 6 · as of: 2023-03-31 · amount: 37200000 · debtor: Tergeo Minéraux Critiques inc. et al. (Débitrices) / Alliance Magnésium Métallurgie inc. / Alliance Magnésium inc. · creditor: Investissement Québec · currency: CAD · security: Multiple hypothèques conventionnelles sans dépossession registered 2022-12-21 ($11,000,000 + 20% additional; $12,500,000), 2022-04-06 ($5,000,000 + 20% additional on Alliance Magnésium Métallurgie inc.), 2021-07-02 ($11,000,000 + 20% additional; $12,500,000), 2017-03-24 ($4,100,000 + $820,000 additional, including IP, on Alliance Magnésium inc.), 2014-05-09 ($2,250,000 + 20% additional on Alliance Magnésium inc.); interest 25%/year; second-ranking creditor
- secured creditorsnote: Approximate outstanding balance per unaudited consolidated financial statements as at March 31, 2023; registered amount is registration ceiling, not balance · page: 6 · as of: 2023-03-31 · amount: 5000000 · debtor: Tergeo Minéraux Critiques inc. et al. (Débitrices) · creditor: Giampaolo Group inc. · currency: CAD · security: Hypothèques conventionnelles sans dépossession sur l'universalité des biens meubles et immeubles des Débitrices, publiées le 21 décembre 2022, au montant de 26 000 000$, intérêt 25%/an; creancier de troisième rang
- counselMcCarthy Tétrault s.e.n.c.r.l.