Ontario · Receivership (court-appointed)
Twenty-Eighth Report of the Monitor
Court officer report · 26 April 2017
What we verified from this filing2 verified
- secured creditorsnote: Outstanding balance stated as approximately US$163.8 million (equivalent to CAD $213.0 million at CAD1.30=USD1.00) as of April 21, 2017 (para 28, p.10), after cumulative cash-sweep payments totalling US$46.2 million (CAD $59.9 million). Appendix A DIP Facility Summary shows CAD $213 million ending balance for the period to April 14, 2017 (p.16); variance analysis states approx. US$164 million as of April 14, 2017 (p.17). Projected outstanding principal is approximately CAD $191 million (US$147 million) as of June 30, 2017 (para 37, p.12) - a forecast, not a current balance. The DIP Agreement was in technical default as of April 21, 2017 for failure to meet a $22.2 million annualized cost-savings milestone (para 30) and was scheduled to mature April 30, 2017. · page: 10 · as of: 2017-04-21 · amount: 163800000 · debtor: Essar Steel Algoma Inc. et al. (the Applicants) · creditor: DIP Lenders (Deutsche Bank AG, as agent for certain prepetition Term Lenders) - DIP Term Facility · currency: USD · security: Court-approved debtor-in-possession financing (DIP Agreement / amended and restated DIP credit agreement, as amended by the Second and Third DIP Amendments); DIP Term Facility carrying a court-ordered DIP priority charge.
- unsecured creditorsnote: Cargo Handling Agreement payable to Port of Algoma Inc. Presented in the April Reforecast projection (Appendix B, p.19): gross Payable to Portco $47 million, Receivable from Portco $15 million, Net Payable to Portco $33 million at week ending April 21, 2017, rising to a $55M/$17M/$38M net over the forecast period. Cargo handling payments to Portco are suspended pending the Court's decision (footnote, p.11), so this is a disputed/accruing obligation shown in a forecast rather than a stated fixed balance. Amount recorded is the document's own 'Net Payable to Portco' line for the opening week. · page: 19 · as of: 2017-04-21 · basis: April Reforecast (unaudited cash flow projection, Appendix B) - Net Payable to Portco line · amount: 33000000 · debtor: Essar Steel Algoma Inc. et al. (the Applicants) · creditor: Port of Algoma Inc. ("Portco") · currency: CAD