Ontario · CCAA
Report of the Proposed Monitor dated April 3, 2023
Pre-filing report · 3 April 2023
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What we verified from this filing3 verified
- secured creditorsnote: Outstanding principal stated as 'approximately $18.8 million' with no availability; Applicants in breach due to missed scheduled payments; facility matured March 31, 2023 · page: 6 · as of: date of Pre-Filing Report (April 3, 2023) · amount: 18800000 · debtor: Phoena Holdings Inc., Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No. 2] Inc., CTI Holdings (Osoyoos) Inc. (the Applicants) · creditor: Cortland Credit Lending Corporation · currency: CAD · security: First ranking security interest over all assets of the Applicants; revolving credit facility, maximum principal amount $22.5 million (facility limit, not balance)
- secured creditorsnote: Facility is fully drawn, so stated total principal amount (approximately $12,989,378) equals outstanding balance; Marshall Fields International B.V. is lead investor/related party (90% equity owner of Phoena Holdings) acting as agent for individual lenders - related party · page: 6 · as of: date of Pre-Filing Report (April 3, 2023) · amount: 12989378 · debtor: Phoena Holdings Inc., Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No. 2] Inc., CTI Holdings (Osoyoos) Inc. (the Applicants) · creditor: Marshall Fields International B.V. (as agent for certain individual lenders) · currency: CAD · security: Second lien credit agreement dated March 11, 2022 (as amended); non-revolving; subordinate to Cortland Facility
- secured creditorsnote: Security for amounts payable under Tolling Agreement for co-generation heat and power to Fenwick Facility; no balance/amount stated · page: 6 · debtor: Phoena Holdings Inc. and Phoena Inc. · creditor: Balfour Energy Corp. (formerly 2606017 Ontario Limited) · currency: CAD · security: First-ranking collateral assignment of deposits and credit balances in the Tolling Fee Servicing & Reserve Account, granted under Tolling Agreement dated January 31, 2018