SusGlobal Energy settles $3.8M debt via escrow for ~$1.1M, eliminating Alterna obligations

SusGlobal Energy Corp.

Owed $3,812,765 (CAD$5,195,274) to Alterna; deposited $917,364 (CAD$1,250,000) plus a $203,164 (CAD$276,831) letter of credit into escrow.
Upon release, Alterna will cancel all security and guarantees from Ike Makrimichalos, Marc Hazout, and Haute Inc.
Mutual release and indemnity deposited; debt fully discharged once MOE releases Alterna's letter of credit.
Reduces total indebtedness by approximately $2.7M, improving balance sheet and removing creditor claims.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.8

SusGlobal Energy Corp. entered into Release Agreement with Alterna (effective 2023-03-28).

Action: entry
Agreement: settlement
Counterparty: Alterna
Effective: 2023-03-28

Exact text from the filing

The mutual release agreement deposited into escrow provides for a full and final mutual release (the "Release Agreement").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SusGlobal Energy Corp. entered into Escrow Agreement valued at $917,364 (CAD$1,250,000) (effective 2023-03-28).

Action: entry
Value: $917,364 (CAD$1,250,000)
Effective: 2023-03-28

Exact text from the filing

On March 28, 2023, the Company entered into an escrow agreement, dated March 28, 2023, (the "Escrow Agreement") with a third-party escrow agent (the "Escrow Agent") to facilitate the discharge in full of its indebtedness to Alterna.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SusGlobal Energy Corp. entered into Indemnity Agreement with PACE (effective 2023-03-28).

Action: entry
Agreement: lease
Counterparty: PACE
Effective: 2023-03-28

Exact text from the filing

Alterna and the Borrowers have entered into an Indemnity Agreement, dated March 28, 2023, under which the Borrowers agree to indemnify, defend, and hold PACE harmless from any claims, damages, or liabilities made by certain parties that may arise in connection with the Release Agreement.

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197 material agreements filed in the last 30 days. Browse all material agreements →

SusGlobal Energy Corp. filing history →

Source: SEC EDGAR

accession 0001062993-23-008345

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