Ontario · Foreign recognition (CCAA)
First Report of the Information Officer
Court officer report · 10 May 2022
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 filing10 verified
- secured creditorsnote: Figures in USD millions per document table · page: 27 · as of: Filing Date · amount: 108.2 · debtor: Sungard AS Canada (Guarantor) · creditor: Alter Domus Products Corp. (Prepetition 1L Agent) / syndicate of Prepetition 1L Term Loan Lenders · currency: USD · security: Prepetition 1L Term Loan Credit Agreement; first priority lien on Term Loan Priority Collateral, second priority lien on ABL Priority Collateral; Ontario law governed security agreement over all present/future property; IP security agreement registered with CIPO; pledge of Sungard AS Canada Shares by parent; guarantee is New York law governed
- secured creditorsnote: Figures in USD millions per document table · page: 27 · as of: Filing Date · amount: 29 · debtor: Sungard AS Canada (Borrower and Guarantor) · creditor: PNC Bank (Prepetition ABL Lender/Agent) · currency: USD · security: Revolving Credit Agreement; $50 million revolving facility commitment; first priority lien on ABL Priority Collateral, third priority lien on Term Loan Priority Collateral; Ontario law governed security agreement over all present and future property (excl. commonly excluded assets); IP security agreement registered with CIPO; pledge of Sungard AS Canada Shares by parent
- secured creditorsnote: Sungard AS Canada is neither borrower nor guarantor under this facility; excluded from Sungard AS Canada's $414.8 million obligation total · page: 27 · as of: Filing Date · amount: 8.9 · debtor: Sungard AS III (Sungard AS Canada is not an obligor) · creditor: Alter Domus Products Corp. (as administrative agent) / syndicate of Prepetition Non-Extending 2L Lenders · currency: USD · security: Prepetition Non-Extending 2L Credit Agreement; second priority lien on Term Loan Priority Collateral, third priority lien on ABL Priority Collateral (excluding Sungard AS Canada assets/equity)
- secured creditorsnote: Figures in USD millions per document table · page: 27 · as of: Filing Date · amount: 277.6 · debtor: Sungard AS Canada (Guarantor) · creditor: Alter Domus Products Corp. (Prepetition 2L Agent) / syndicate of Prepetition New 2L Lenders · currency: USD · security: Prepetition New 2L Credit Agreement; second priority lien on Term Loan Priority Collateral, third priority lien on ABL Priority Collateral; Ontario law governed security agreement over all present/future property; IP security agreement registered with CIPO; pledge of Sungard AS Canada Shares by parent; guarantee is New York law governed
- unsecured creditorsnote: Document names no individual creditors within this category; Information Officer cautions amounts may change materially · page: 35 · as of: 2022-04-05 · basis: Based on Sungard AS Canada's books and records as at April 5, 2022, including unpaid April 2022 rents due April 1, 2022 · amount: 1400000 · debtor: Sungard AS Canada · creditor: Landlords (aggregate as reported) · currency: CAD
- unsecured creditorsnote: This represents amounts owed TO Sungard AS Canada by affiliates, not a liability of Sungard AS Canada; related-party intercompany receivable, listed for completeness; most recent note of approx. $2.25 million issued April 1, 2022 · page: 35 · as of: Filing Date · basis: As reported in Pre-Filing Report regarding intercompany promissory notes outstanding · amount: 30000000 · debtor: Various Debtor affiliates (borrowers under intercompany notes) · creditor: Sungard AS Canada (intercompany lender - four unsecured promissory notes) · currency: USD
- unsecured creditorsnote: Document names no individual creditors within this category; Information Officer cautions amounts may change materially · page: 35 · as of: 2022-04-05 · basis: Based on Sungard AS Canada's books and records as at April 5, 2022 · amount: 470000 · debtor: Sungard AS Canada · creditor: Trade vendors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors within this category; Information Officer cautions amounts may change materially · page: 36 · as of: 2022-04-05 · basis: Based on Sungard AS Canada's books and records as at April 5, 2022 · amount: 1100000 · debtor: Sungard AS Canada · creditor: Accrued utilities, taxes and other potential liabilities (aggregate as reported) · currency: CAD
- secured creditorsnote: Post-filing DIP financing, not pre-filing debt; included for context per priority table · page: 46 · as of: Interim DIP Order · debtor: Sungard AS Canada (Guarantor) · creditor: Term Loan DIP Agent (Acquiom Agency Services LLC) / Term Loan DIP Lenders · currency: USD · security: Term Loan DIP Agent's Charge; DIP facility up to $285.9 million aggregate; secured against same assets as prepetition term loan facilities per priority waterfall
- secured creditorsnote: Post-filing DIP financing, not pre-filing debt; included for context per priority table · page: 46 · as of: Interim DIP Order · debtor: Sungard AS Canada (Canadian Borrower and Guarantor) · creditor: ABL DIP Agent (PNC) / ABL DIP Lender · currency: USD · security: ABL DIP Agent's Charge; DIP facility up to $50.0 million; secured against same assets as prepetition ABL facility per priority waterfall (Canadian Collateral: 3rd priority behind Administration Charge and Carve-Out)