Xebec gets $3M loan from BoC and EDC as restructuring continues
by CM Staff
The Superior Court of Québec approved the DIP on Oct. 20 pursuant to an amended and restated initial order.
MONTRÉAL — Xebec Adsorption Inc. has entered into an interim financing facility with the National Bank of Canada and Export Development Canada.
The DIP Facility consists of a revolving multiple draw credit facility of up to a maximum principal amount of $3 million.
The company has said the funds will be contributed towards its operations as it continues restructuring efforts under the CCAA. The Superior Court of Québec approved the DIP on Oct. 20 pursuant to an amended and restated initial order.
Key Employee Retention Plan
The court also approved Xebec’s key employee retention plan (“KERP”), which permits Xebec to make retention payments to certain key members of its team deemed essential to ensuring the stability of its business. In addition, the amended and restated initial order extended the stay of proceedings against Xebec until Nov. 28, 2022, subject to further extension. The stay extension will allow Xebec to continue operating as a going concern as it conducts the SISP and pursues its restructuring.
SISP (Sale and Investment Solicitation Process)
In order to participate in the SISP and obtain a copy of the confidential information memorandum and access to a virtual data room, all interested parties must comply with the terms and conditions set forth in the Bidding Procedures Order dated September 29, 2022, a copy of which is available on the website of Deloitte Restructuring Inc.
