British Columbia · CCAA
Petition
Application / notice of application · 19 August 2022
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 filing3 verified
- secured creditorsnote: Notice of default issued Aug 8, 2022; contractor reserved right to draw on the $2.5 million letters of credit if overdue invoices totaling approximately CDN $3.5 million were not settled by Aug 17, 2022; also reserved right to terminate mine operation contract. · page: 7 · as of: 2022-08-08 · amount: 2500000 · debtor: Trevali Mining (New Brunswick) Ltd. · creditor: Caribou Mine contract miner (unnamed mining contractor) · currency: USD · security: Letters of credit totaling $2.5 million provided as security for Trevali NB's obligations under its mine operation contract at the Caribou Mine.
- secured creditorsnote: Second lien secured facility, originally up to $20.0 million (Aug 6, 2020), reduced by $7.0 million in Dec 2020; full $13.0 million limit now drawn (nil available) - amount is outstanding balance. Matures Sept 18, 2022. Related party: Glencore is also Trevali Corp.'s largest shareholder (~26% interest) and sole offtake purchaser. · page: 9 · as of: 2022-08-19 · amount: 13000000 · debtor: Trevali Mining Corporation (borrower); Trevali Mining (New Brunswick) Ltd. (security grantor) · creditor: Glencore Canada Corporation · currency: USD · security: Second ranking security interest in all present and future personal property (general security agreements, debentures, fixed and floating charges); second ranking mortgage on certain of Trevali NB's real property; additional security throughout Trevali organizational structure. Subordinated to RC Facility per intercreditor agreement.
- secured creditorsnote: Stated as approximate amount ('approximately $84.5 million') of RC Facility draws received/outstanding. Senior secured revolving facility; mandatory prepayment of ~$7.5 million due Aug 17, 2022 not made; facility matures Sept 18, 2022. Priority senior to Glencore Facility per intercreditor agreement. · page: 10 · as of: 2022-08-19 · amount: 84500000 · debtor: Trevali Mining Corporation (borrower); Trevali Mining (New Brunswick) Ltd. (security grantor) · creditor: The Bank of Nova Scotia, as RCF Administrative Agent, for the RCF Lenders · currency: USD · security: First ranking security interest in all present and future personal property (general security agreements, debentures, fixed and floating charges); first ranking mortgage over certain of Trevali NB's real property. RC Facility limit $150,000,000, permanently reduced to $111.9 million as at Dec 31, 2021; further $4.4 million utilized for letters of credit.