Quebec · CCAA
First Report to the Court submitted by Deloitte Restructuring Inc. in its Capacity as Proposed Monitor dated September 29, 2022
Pre-filing report · 29 September 2022
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What we verified from this filing3 verified
- financial positionnote: Document states: 'the following tables summarize amounts due to secured and unsecured creditors of the Petitioners as of August 31, 2022, which total of $282M on a consolidated basis.' This figure represents creditor claims (secured + unsecured), not a full balance-sheet total-liabilities figure; no total assets figure is provided in the reviewed pages. · page: 8 · as at: 2022-08-31 · basis: Based on the Xebec Group's books and records (unaudited) · scope: Petitioners (Canadian and US entities) on a consolidated basis - amounts due to secured and unsecured creditors · currency: CAD · total liabilities: 282000000
- secured creditorsnote: Amount excludes interest, costs, fees and expenses. Also excludes outstanding letters of credit issued by NBC (~$7.5M), which are mostly guaranteed by EDC; Proposed Monitor was still validating LC information. Same figure ($7M) also stated in prose as of the First Report date (Sept 29, 2022). · page: 9 · as of: 2022-08-31 · amount: 7000000 · debtor: Xebec Adsorption Inc. and related Canadian/US Petitioners (blanket security) · creditor: National Bank of Canada (NBC) · currency: CAD · security: Hypothecs and liens on substantially all assets of Xebec Inc., as well as Applied, XBC Wisconsin, Xebec USA, Holding USA, CDA, Enerphase, Titus, Compressed, Tiger, California Compression, Nortekbelair, Holding UK and Xebec Systems
- secured creditorsnote: Amount excludes interest, costs, fees and expenses, and excludes NBC-issued letters of credit mostly guaranteed by EDC. Prose in the report states the outstanding amount as approximately $17.6M as of the date of the First Report (Sept 29, 2022); exact dated balance from creditor table (as of Aug 31, 2022) used here. · page: 9 · as of: 2022-08-31 · amount: 17633000 · debtor: Xebec Holding USA Inc., Xebec Adsorption Inc., Nortekbelair, Xebec Systems, California Compression, XBC Flow Services - Wisconsin · creditor: Export Development Canada (EDC) · currency: CAD · security: Security on shares held by Holding USA in Nortekbelair, Xebec Systems, California Compression and XBC Wisconsin, and hypothecs/liens on assets of Holding USA, Xebec Inc., Nortekbelair, Xebec Systems, California Compression and XBC Wisconsin