Ontario · Foreign recognition (CCAA)
Pre-Filing Report of the Proposed Information Officer
Pre-filing report · 14 January 2025
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What we verified from this filing6 verified
- financial positionnote: Separately, as of November 30, 2024, by book value based on unaudited internal financial statements, the Canadian Debtors (Networks Corp., Holdings, Networks Inc.) had total assets of approximately $6 million (excluding intercompany receivables) and total liabilities of approximately $6 million (excluding intercompany payables), of which approximately $1 million were current liabilities; these figures exclude the Canadian Debtors' contingent guarantor obligations under the Prepetition First Lien Notes, Prepetition First Lien Loan Facility, Prepetition 1.5 Lien Loan Facility, and Prepetition Second Lien Notes · page: 11 · as at: 2024-09-30 · basis: Compiled quarterly consolidated financial statements (unaudited) · scope: Consolidated - all Debtors (Ligado and its U.S. and Canadian subsidiaries) · currency: USD · total assets: 2600000000 · total liabilities: 8700000000
- secured creditorsnote: Originally issued $2.85 billion aggregate principal amount 15.5% PIK Senior Secured First Lien Notes due 2023; approximate figure stated in prose as $5.5 billion in principal and accrued interest as of the Petition Date · page: 13 · as of: Petition Date · amount: 5500000000 · debtor: Ligado Networks LLC (issuer); guaranteed by Ligado's subsidiaries including the Canadian Debtors · creditor: U.S. Bank National Association, as trustee and collateral trustee, for the Prepetition First Lien Noteholders · currency: USD · security: First-priority liens on and security interests in substantially all Debtors' assets, excluding certain excluded property (Prepetition Collateral)
- secured creditorsnote: Facility provides up to $122.3 million Prepetition First Lien Senior Pari Term Loans and up to $319.5 million (later stated as up to $141.0 million per Smith Declaration) Prepetition First Out Term Loans, which rank senior in right of payment; component facility limits, not summed · page: 14 · as of: Petition Date · amount: 441800000 · debtor: Ligado Networks LLC (borrower); guaranteed by Ligado's subsidiaries including the Canadian Debtors, pari passu with Prepetition First Lien Notes · creditor: U.S. Bank Trust Company, National Association, as administrative agent and collateral agent, for the Prepetition First Lien Lenders (First Lien Loan Facility) · currency: USD · security: First-priority liens on Prepetition Collateral, pari passu with Prepetition First Lien Notes
- secured creditorspage: 14 · as of: Petition Date · amount: 591500000 · debtor: Ligado Networks LLC (borrower); guaranteed by Ligado's subsidiaries including the Canadian Debtors, on a 1.5 priority basis · creditor: Jefferies Finance LLC, as administrative agent, and U.S. Bank Trust Company, National Association, as successor collateral agent, for the Prepetition 1.5 Lien Lenders · currency: USD · security: 1.5-priority liens on and security interests in the Prepetition Collateral
- secured creditorsnote: Originally issued $1.0 billion aggregate principal amount 17.5% PIK Senior Secured Second Lien Notes due 2024 · page: 15 · as of: Petition Date · amount: 2000000000 · debtor: Ligado Networks LLC (issuer); guaranteed on a second lien priority basis by Ligado's subsidiaries including the Canadian Debtors · creditor: U.S. Bank National Association, as trustee and collateral trustee, for the Prepetition Second Lien Noteholders (Wilmington Savings Fund Society, FSB later noted as successor trustee) · currency: USD · security: Second-priority liens on and security interests in the Prepetition Collateral
- secured creditorsnote: Interim DIP Order approved on an interim basis; comprises DIP New Money Loans (Initial Draw up to $12,000,000, subsequent draws up to $429,999,891 subject to Final DIP Order) and a Roll-Up of Prepetition First Lien Debt (excluding First Out Term Loans) of between $441,999,891 and $497,133,616, subject to entry of Final DIP Order — Roll-Up not yet authorized as of this report · page: 25 · as of: 2025-01-07 · amount: 939133507 · debtor: Ligado Networks LLC (Borrower/Debtor in Possession); each of Ligado's subsidiaries that is a Debtor, including the Canadian Debtors, as Guarantors/Other Debtors-in-Possession · creditor: DIP Lenders (certain Prepetition Lenders and Holders or their affiliates), with U.S. Bank Trust Company, National Association as DIP Agent/Collateral Agent · currency: USD · security: Senior secured superpriority liens on substantially all assets and property of the Debtors, including Canadian Collateral pursuant to the Canadian Security Agreement dated January 7, 2025; DIP Charge subordinate only to the proposed Administration Charge