Ontario · Receivership (court-appointed)

First Report of the Receiver

Court officer report · 22 April 2016

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 filing1 verified

secured creditorsnote: Brio Indebtedness described as 'approximately US$273 million'; Receiver informed obligations under Financial Assets Agreements and Security total approximately US$273 million. Security Opinion concludes Brio holds first ranking security interest in Limited Receivership Assets, subject to statutory/possessory liens, PMSIs and priority claims by operation of law. Brio acquired MBL's position under the Facilities (at a discount, ~US$41.9 million) via credit bid; not a commercial lender itself. · page: 7 · amount: 273000000 · debtor: Carpathian Gold Inc. · creditor: Brio Finance Holdings B.V. (as assignee of Macquarie Bank Limited, Administrative Agent and Collateral Agent under the Facilities) · currency: USD · security: GSA dated October 8, 2013 over all undertaking, property and assets of Carpathian (other than Romanian Project assets); deed of charge over shares dated January 11, 2013 (Barbados Pledged Securities); deed of pledge of claims and memberships dated January 11, 2013 (Dutch Pledged Memberships) - assigned from Macquarie Bank Limited to Brio pursuant to Assignment dated Feb 17, 2016 and CAARA dated March 31, 2016