British Columbia · Foreign recognition (CCAA)
Fourth Report - Information Officer
Court officer report · 24 October 2023
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What we verified from this filing10 verified
- secured creditorsnote: Prepetition Credit Facilities; paid in full on or about June 20, 2023 (discharged); facility limits at inception were $6,500,000 CAD revolving, $21,333,317 CAD non-revolving term, $2,000,000 CAD letter of credit, $40,500,000 USD term - these are original facility maximums, not outstanding balances · page: 36 · as of: Petition Date · debtor: SMTC (borrower); SLP, SMTU, Natural (guarantors) · creditor: Prepetition Lender (under Prepetition Credit Agreement - BMO) · currency: CAD · security: Approx. $20.5 million (CAD) principal outstanding; components: Committed Revolving Credit Facility ~$3.9 million (CAD); Non-Revolving Term Credit Facility ~$16.2 million (CAD); secured by general security agreements over all present and after-acquired personal property and floating charges on land, guarantees, securities pledge, mortgages
- secured creditorsnote: Prepetition Credit Facilities; paid in full on or about June 20, 2023 (discharged); as of Petition Date secured debt liabilities totaled approx. $20.5 million CAD and $34.9 million USD in principal amount · page: 36 · as of: Petition Date · debtor: SMTC (borrower); SLP, SMTU, Natural (guarantors) · creditor: Prepetition Lender (under Prepetition Credit Agreement - BMO) · currency: USD · security: Approx. $34.9 million (USD) principal outstanding under Committed, Reducing, Non-Revolving Term Credit Facility; also Revolving Letter of Credit Facility $300,000 (USD) outstanding
- secured creditorsnote: This is a guarantee limit, not a balance; guarantor is a customer, not the primary secured creditor · page: 37 · debtor: SMTU · creditor: SMTU's largest customer (guarantor) · currency: USD · security: Limited Guarantee up to the amount of $13,500,000 (USD) in favor of the Prepetition Lender
- secured creditorsnote: Facility limit, not a balance; DIP Facility paid in full on or about June 20, 2023 (discharged); related party as also the Prepetition Lender · page: 39 · debtor: SLP, SMTC, SMTU, Natural (Debtors) · creditor: DIP Lender (Prepetition Lender) · currency: CAD · security: DIP Facility in aggregate principal amount of up to $7,500,000 (CAD), with up to $4,000,000 (CAD) available upon interim approval
- secured creditorsnote: Debtors estimate aggregate amount of Allowed Other Secured Claims will be $0.00; satisfied in full through proceeds from Winning Bid · page: 50 · as of: estimate as of Combined DS and Plan filing (October 17, 2023) · amount: 0 · debtor: SMTU, SMTC, SLP, Natural (Debtors, collectively) · creditor: Class 1 - Other Secured Claims (aggregate, estimated) · currency: USD
- unsecured creditorsnote: Class 3A General Unsecured Claims; document names no individual creditors; estimated recovery 21.1% · page: 50 · as of: General Claims Bar Date (July 10, 2023) / Combined DS and Plan filing October 17, 2023 · basis: Estimate based upon Summary of Assets and Liabilities for Non-Individuals (Schedule E/F), Filed Proofs of Claim and preliminary review by the Debtors; not reconciled to Filed Proofs of Claim and Filed Proofs of Claim not reviewed for accuracy · amount: 99780470 · debtor: SMTU · creditor: SMTU General Unsecured Creditors (aggregate as reported) · currency: USD
- unsecured creditorsnote: preferred/priority class ranking ahead of general unsecured claims; unimpaired, deemed to accept, 100% recovery · page: 50 · as of: estimate as of Combined DS and Plan filing (October 17, 2023) · basis: Debtors' estimate that aggregate amount of Allowed Priority Claims does not exceed $41,770 · amount: 41770 · debtor: SMTU, SMTC, SLP, Natural (Debtors, collectively) · creditor: Class 2 - Priority Claims (aggregate as reported) · currency: USD
- unsecured creditorsnote: Class 3B General Unsecured Claims; document names no individual creditors; estimated recovery 0% · page: 51 · as of: General Claims Bar Date (July 10, 2023) / Combined DS and Plan filing October 17, 2023 · basis: Estimate based upon Summary of Assets and Liabilities for Non-Individuals (Schedule E/F), Filed Proofs of Claim and preliminary review by the Debtors; not reconciled to Filed Proofs of Claim and Filed Proofs of Claim not reviewed for accuracy · amount: 80687555 · debtor: SLP · creditor: SLP General Unsecured Creditors (aggregate as reported) · currency: USD
- unsecured creditorsnote: Class 3C General Unsecured Claims; document names no individual creditors; estimated recovery 21.2% · page: 52 · as of: General Claims Bar Date (July 10, 2023) / Combined DS and Plan filing October 17, 2023 · basis: Estimate based upon Summary of Assets and Liabilities for Non-Individuals (Schedule E/F), Filed Proofs of Claim and preliminary review by the Debtors; not reconciled to Filed Proofs of Claim and Filed Proofs of Claim not reviewed for accuracy · amount: 19010126 · debtor: SMTC · creditor: SMTC General Unsecured Creditors (aggregate as reported) · currency: USD
- recovery outcomeentries: basis: plan · quote: | Class 1 - Other Secured Claims | $0 | Unimpaired, deemed to accept | 100% | · pct of: unstated · outcome: paid_in_full · pct low: 100 · currency: USD · pct high: 100 · class key: secured · stated by: monitor · class label: Class 1 - Other Secured Claims · claims amount: 0 · interim final: unstated · currency quote: Estimated Claims (USD$) · claims qualifier: estimated; basis: plan · quote: | Class 2 - Priority Claims | $41,770 | Unimpaired, deemed to accept | 100% | · pct of: unstated · outcome: paid_in_full · pct low: 100 · currency: USD · pct high: 100 · class key: preferred · stated by: monitor · class label: Class 2 - Priority Claims · claims amount: 41770 · interim final: unstated · currency quote: Estimated Claims (USD$) · claims qualifier: estimated; basis: plan · quote: | Class 3A - SMTU General Unsecured Claims | $99,780,470 | Impaired, entitled to vote | 21.1% | · pct of: unstated · outcome: distribution · pct low: 21.1 · currency: USD · pct high: 21.1 · class key: unsecured · stated by: monitor · class label: Class 3A - SMTU General Unsecured Claims · claims amount: 99780470 · interim final: unstated · currency quote: Estimated Claims (USD$) · claims qualifier: estimated; basis: plan · quote: | Class 3B - SLP General Unsecured Claims | $80,687,555 | Impaired, entitled to vote | 0% | · pct of: unstated · outcome: nil · currency: USD · class key: unsecured · stated by: monitor · class label: Class 3B - SLP General Unsecured Claims · claims amount: 80687555 · interim final: unstated · currency quote: Estimated Claims (USD$) · claims qualifier: estimated; basis: plan · quote: | Class 3C - SMTC General Unsecured Claims | $19,010,126 | Impaired, entitled to vote | 21.2% | · pct of: unstated · outcome: distribution · pct low: 21.2 · currency: USD · pct high: 21.2 · class key: unsecured · stated by: monitor · class label: Class 3C - SMTC General Unsecured Claims · claims amount: 19010126 · interim final: unstated · currency quote: Estimated Claims (USD$) · claims qualifier: estimated; basis: plan · quote: | Class 4 - Equity Interests | n/a | Impaired, entitled to vote | 0% | · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Class 4 - Equity Interests · interim final: unstated · claims qualifier: unstated · stated on: 2023-10-24 · table missing: