Ontario · Foreign recognition (CCAA)
First Report of the Information Officer
Court officer report · 3 April 2024
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What we verified from this filing15 verified
- secured creditorsnote: Related party (directors/officers); ceiling amount, not a balance · page: 4 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Directors and Officers of the Canadian Debtors (D&O Charge) · currency: CAD · security: Court-ordered charge on Canadian Debtors' property up to maximum CAD$11.1 million, securing indemnification obligations; ranks third, subordinate to Administration Charge and Securitization Charges
- unsecured creditorsnote: Includes trade creditors/vendors, former employees, contingent litigation claims, and accrued rents; document names no individual creditors; scope is entire Debtor group, not limited to Canadian Debtors · page: 11 · as of: Petition Date · basis: Reported in First Report of the Information Officer · amount: 42000000 · debtor: CURO Group Holdings Corp. and Debtors generally · creditor: Debtors' (including U.S. Debtors) general unsecured claims (aggregate as reported) · currency: USD
- unsecured creditorsnote: Described only as 'outstanding Alberta corporate income tax', amount not stated · page: 11 · as of: Petition Date · basis: Reported in First Report of the Information Officer · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Alberta corporate income tax authority · currency: CAD
- unsecured creditorsnote: Employee-related accrued obligation, preferred class not explicitly stated but employee wage-related · page: 11 · as of: Petition Date · basis: Reported in First Report of the Information Officer · amount: 1400000 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Canadian Debtors - accrued vacation pay liability · currency: CAD
- unsecured creditorsnote: Estimated figure · page: 11 · as of: Petition Date · basis: Reported in First Report of the Information Officer · amount: 700000 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Canadian Debtors - accrued sick pay liability (estimated) · currency: CAD
- unsecured creditorsnote: Regulatory/tax obligation; deemed trust nature not explicitly stated but is a governmental remittance obligation · page: 11 · as of: payable June 2024 · basis: Reported in First Report of the Information Officer · amount: 3900000 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Canada Revenue Agency (GST/HST, 2023 tax year) · currency: CAD
- unsecured creditorsnote: Combines federal corporate income tax liability for 2023 and accrued amounts for 2024 · page: 11 · as of: payable June 2024 (2023 tax year) and accrued for 2024 · basis: Reported in First Report of the Information Officer · amount: 9500000 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Canada Revenue Agency / federal and 2024 accrued corporate income tax · currency: USD
- unsecured creditorsnote: Includes approximately $1 million in severance obligations; document names no individual creditors · page: 11 · as of: Petition Date · basis: Reported in First Report of the Information Officer · amount: 1500000 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Unsecured creditors (aggregate as reported) - Canadian Debtors, owed to third parties · currency: USD
- secured creditorsnote: Charge granted under Supplemental Order dated March 26, 2024; amount tied to Interim Securitization Order, not separately quantified · page: 40 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Collateral Agent under Canada SPV II Facility (Securitization Charge) · currency: CAD · security: Court-ordered charge on Canadian Debtors' property to secure post-petition advances and recharacterization risk; ranks second, pari passu with SPV I charge, behind Administration Charge
- secured creditorsnote: Charge granted under Supplemental Order dated March 26, 2024; amount tied to Interim Securitization Order, not separately quantified · page: 40 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Collateral Agent under Canada SPV I Facility (Securitization Charge) · currency: CAD · security: Court-ordered charge on Canadian Debtors' property to secure post-petition advances and recharacterization risk; ranks second, pari passu with SPV II charge, behind Administration Charge
- secured creditorsnote: Ceiling amount, not a balance; secures professional fees and disbursements · page: 40 · debtor: CURO Canada Corp. and LendDirect Corp. · creditor: Beneficiaries of Administration Charge (Canadian counsel to Foreign Representative and Canadian Debtors, Information Officer, counsel to Information Officer) · currency: USD · security: Court-ordered charge on Canadian Debtors' property up to maximum USD$1,000,000; ranks first in priority
- secured creditorsnote: Court endorsement states this is one of the only registered secured creditors of the Canadian Debtors (other than Canadian SPVs); amount not stated · page: 177 · debtor: Canadian Debtors · creditor: Creditor with respect to a computer equipment lease · currency: CAD · security: PPSA equipment financiers (PMSI class)
- secured creditorsnote: Outstanding balance shown in USD in capital structure table; borrower is non-debtor SPV, Canadian Debtors are originators/security providers, not direct borrowers or guarantors of this facility (LendDirect delivered limited guarantee only for SPV II) · page: 188 · as of: Petition Date · amount: 252000000 · debtor: CURO Canada Receivables Limited Partnership (non-debtor SPV; originated by CURO Canada Corp.) · creditor: Waterfall Asset Management, LLC (as administrative agent, Canada SPV I Facility) · currency: USD · security: Non-recourse revolving warehouse facility secured by pool of loan receivables sold by Canadian Debtors; borrowing capacity approx. CAD$400 million (facility limit, not balance)
- secured creditorsnote: Outstanding balance shown in USD in capital structure table; Canadian Debtors delivered a limited guarantee in connection with this facility · page: 188 · as of: Petition Date · amount: 80000000 · debtor: CURO Canada Receivables II Limited Partnership (non-debtor SPV; originated by CURO Canada Corp. and LendDirect Corp.) · creditor: Midtown Madison Management LLC (as administrative agent, Canada SPV II Facility) · currency: USD · security: Non-recourse revolving warehouse facility secured by pool of loan receivables sold by Canadian Debtors; borrowing capacity approx. CAD$150 million (facility limit, not balance)
- recovery outcomeentries: basis: plan · quote: Further, the Plan provides that (i) CURO's existing equity holders will receive contingent value rights at a specified strike price and (ii) the claims of general unsecured creditors, such as trade creditors, customers, employees or landlords of the Debtors, including the Canadian Debtors, will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: landlord · stated by: monitor · class label: general unsecured creditors, such as trade creditors, customers, employees or landlords of the Debtors, including the Canadian Debtors · interim final: unstated · claims qualifier: unstated · stated on: 2024-04-03 · table missing: