Quebec · CCAA
Dkt. 2 - Chaaban Declaration (with exhibits) [File Stamped]
Affidavit · 5 May 2025
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What we verified from this filing2 verified
- financial positionnote: Elsewhere, the Application (Exhibit 1, ¶¶38-39, pp.51-52) reports unaudited interim financial statements as at September 30, 2024 showing total assets of $41,121,000 and total liabilities of $58,226,000. The Debtor's accumulated deficit as at Dec. 31, 2024 was $51,348,000 (shareholders' deficiency of $18,036,000), excluding potential liabilities from pending/future asbestos litigation (p.61). · page: 58 · as at: 2024-12-31 · basis: Audited annual financial statements as compiled by the Proposed Monitor from public filings on SEDAR+; the Monitor states this compilation 'does not constitute an audit or review... and consequently, we do not express any opinion on these financial statements' · scope: Asbestos Corporation Limited (entity-level, not consolidated) · currency: CAD · total assets: 42995000 · total liabilities: 61031000
- secured creditorsnote: Related party: ACL's majority parent company; secures notes issued by ACL. Audited Statement of Financial Position (as at 2024-12-31) reports 'Notes payable to related companies' at $28,087,000 CAD. Both the Application (Exhibit 1, ¶41, p.41) and the Pre-Filing Report (¶2.48, p.60) instead state the debt as 'approximately $26,729,000', which appears to duplicate the unaudited interim (Sept. 30, 2024) balance rather than the year-end audited figure. · page: 58 · as of: 2024-12-31 · amount: 28087000 · debtor: Asbestos Corporation Limited (ACL) · creditor: Mazarin Inc. · currency: CAD · security: Immovable hypothec (mortgage) on real property in Québec, registered ceiling up to principal amount of $70,000,000 CAD (Trust Deed dated Jan. 15, 1986, registered Jan./Feb. 1986; renewed May 11, 2015, registered May 15, 2015)