Quebec · CCAA
Report of the Proposed Monitor - unofficial translation of the report. The official version can be accessed on the French portion of this site
Pre-filing report · 14 August 2023
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 filing2 verified
- financial positionnote: Reported shareholder's deficiency of $134.2M (assets $98.4M, of which $44.1M intangible property, less liabilities $232.6M). Underlying financial statements (Appendix A, as at June 30, 2023; Appendix B, FY22 audited statements at Dec 31, 2022) are filed under seal and not reproduced in these pages. Approximately 90% of liabilities relate to the Lender ($192.2M capital + $17.4M accrued interest). · page: 7 · as at: 2023-06-30 · basis: Internally prepared, unaudited consolidated financial statements (draft/management-prepared information relied upon by the Proposed Monitor without audit or review-level verification) · scope: Consolidated basis for all Debtors (Laboratoires C.O.P. Inc., 9327-6269 Quebec Inc., Ideal Protein of America, Inc. and Pharmalab Inc.) · currency: USD · total assets: 98400000 · total liabilities: 232600000
- secured creditorsnote: Amount is sum of $192.2M in capital plus $17.4M in unpaid accrued interest, both stated as at June 30, 2023 (para 20.3). Elsewhere (para 5) the same debt is described in rounder prose terms as 'approximately $200M in principal, plus approximately $17.4M in unpaid accrued interest at June 30, 2023' — the exact dated balance in para 20.3 is used as amount, prose approximation noted here. Represents approx. 90% of Debtors' total reported liabilities. · page: 7 · as of: 2023-06-30 · amount: 209600000 · debtor: Laboratoires C.O.P. Inc., 9327-6269 Quebec Inc., Ideal Protein of America, Inc. and Pharmalab Inc. (collectively, Ideal Protein) · creditor: Lender (syndicate of financial institutions, Term Loan lender) · currency: USD · security: Term Loan facility financing the 2015 acquisition of Ideal Protein by the VC Group; specific collateral/security instruments not detailed in this excerpt, though the Lender is shown exercising control (segregated account) and Interim Financing is contemplated to rank ahead of/alongside it