Quebec · CCAA
Motion for an Initial Order, an Amended and Restated initial Order and Approval of a Sale or Investment Solicitation Process (in French)
Application / notice of application · 14 August 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 filing8 verified
- appointeeErnst & Young Inc.
- courtCour Supérieure (Chambre commerciale)
- provinceQuébec
- statutory basisArticles 11 et suivants et 36 de la Loi sur les arrangements avec les créanciers des compagnies
- applicantLaboratoires C.O.P. Inc., 9327-6269 Québec Inc., Pharmalab Inc. et Ideal Protein of America Inc. (les Débitrices)
- appointee rolecontrôleur
- financial positionnote: Prior audited year-end figures (as at Dec. 31, 2022, per PwC-audited 2022 Financial Statements, Exhibit R-8, filed under seal): total liabilities $207,022,000 USD vs total assets $98,130,000 USD, with a going-concern qualification. Asset value had declined ~37% between Dec 31, 2021 and Dec 31, 2022, and ~35% between June 30, 2022 and June 30, 2023. Net loss for 6 months ended June 30, 2023 was $10,535,000 USD. · page: 13 · as at: 2023-06-30 · basis: Unaudited interim consolidated financial statements (États financiers intérimaires de 2023), filed under seal as Exhibit R-9 · scope: Consolidated - Ideal Protein group (Laboratoires C.O.P. Inc., 9327-6269 Québec Inc., Pharmalab Inc., Ideal Protein of America Inc.) · currency: USD · total assets: 98408000 · total liabilities: 215756000
- secured creditorsnote: Document states components only, not summed: as at August 10, 2023, Term Loan outstanding = $192,155,687.40 USD; accrued Interest = $20,082,901.60 USD. Elsewhere (prose, undated/approximate) the Debtors state amounts owed to the Prêteurs 'exceed $200 million USD, in principal, interest and fees' (paras 7 and 57 of the Demande). Credit Agreement matured/expired September 20, 2020; Debtors in default since then. · page: 13 · as of: 2023-08-10 · debtor: Laboratoires C.O.P. Inc. (borrower); 9327-6269 Québec Inc., Pharmalab Inc. and Ideal Protein of America Inc. (as cautions/guarantors) · creditor: Syndicate of lenders (the "Prêteurs") under the Convention de crédit dated September 30, 2015, including Banque de Montréal (as lender and Administrative Agent) and Fédération des caisses Desjardins du Québec (as lender and Collateral/Security Agent) · currency: USD · security: First-ranking security registered against the universality of the Debtors' property (sûretés de premier rang publiées à l'égard de l'universalité des biens des Débitrices), securing the Credit Agreement (Term Loan originally $175M USD, later increased to approx. $280M USD, and a Revolving Credit Facility of $25M USD)