Alberta · Interim receivership
Affidavit of Ian Mark Philip (ATB) - Sworn March 14, 2024
Affidavit · 14 March 2024
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 filing5 verified
- secured creditorsnote: Credit Facility Agreement comprised revolving operating loan facility (stated original amount $120,000.00 per affidavit; commitment letter states $1,000,000.00 limit) and non-revolving reducing loan facility (original amount $8,459,049.63); facility limits, not balance. Facilities matured/accelerated; NOI under s.244(1) BIA issued. Amount stated is exact indebtedness as of March 8, 2024 per affidavit para 17; plus further accruing interest, costs and expenses. · page: 4 · as of: 2024-03-08 · amount: 8317025.89 · debtor: Plains Environmental Inc. · creditor: ATB Financial · currency: CAD · security: General Security Agreement (all present/after-acquired personal and real property) dated April 18, 2011; Debenture dated April 18, 2011 charging Disposal Well Willmar lands; 2011 Mortgage dated April 18, 2011 (registered principal $10,000,000.00) over 2011 Lands; Assignment of Surface Rights by Way of Security dated April 18, 2011; 2013 Mortgage dated October 1, 2013 (registered principal $12,600,000.00) over 2013 Lands; perfected via AB PPR, SK PPR and SK LTO
- secured creditorsnote: Affidavit refers to 'certain equipment lenders' owed amounts by Plains; individual amounts and identities not stated. · page: 5 · debtor: Plains Environmental Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD
- secured creditorsnote: Per affidavit: 'has claims both in priority and subordinate to ATB'; amount not stated. Inter-creditor Agreement between ATB and TransGas referenced in commitment letter security documents (page 15). · page: 5 · debtor: Plains Environmental Inc. · creditor: Transgas Limited · currency: CAD
- secured creditorsnote: Described as 'subordinate debenture holder'; related party — Apex Investment Limited Partnership holds 7.61% of voting shares per corporate registry (page 9). Amount not stated. · page: 5 · debtor: Plains Environmental Inc. · creditor: Apex Investment GP Inc. · currency: CAD · security: Subordinate debenture holder
- secured creditorsnote: Described as 'subordinate debenture holder'; related party — Saskworks Venture Fund Inc. holds 13.27% of voting shares per corporate registry (page 9). Amount not stated. · page: 5 · debtor: Plains Environmental Inc. · creditor: Saskworks Venture Fund Inc. · currency: CAD · security: Subordinate debenture holder