Quebec · CCAA
02 Third Report of the Monitor - April 10, 2025
Court officer report · 10 April 2025
Also filed as: Troisième rapport du Contrôleur - 10 avril 2025 (en anglais)
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What we verified from this filing11 verified
- disbursementsnote: Total operating disbursements for the sixteen-week period ended March 28, 2025 (figures in thousands); non-operating disbursements of $2,694 thousand also reported separately. · since: December 7, 2024 · amount: 13775000 · currency: CAD
- operational summaryThe Applicants continued normal-course operations, negotiated with suppliers and customers, ran the Rocky and Faucher SISP sale processes, and executed a Faucher APA to sell the Faucher division as a going concern while the Rocky Mountain SISP remains ongoing.
- process resultslois: 15 · ndas: 54 · note: Faucher SISP Phase 1 results · as of: 2025-02-21 · solicited: 219 · qualified bids: 9
- professional feesnote: Actual cumulative professional fees disbursed of $1,893 thousand vs forecast $2,070 thousand; figures in thousands per cash flow table. · party: Professionals (cumulative, per cash flow variance report) · amount: 1893000 · period: December 7, 2024 to March 28, 2025 · currency: CAD
- purchaserLes Câbles Ben-Mor Inc.
- receipts cumulativenote: Total receipts for the sixteen-week period ended March 28, 2025, per cash flow variance report (figures in thousands). · since: December 7, 2024 · amount: 21630000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As such, the Monitor does not believe that there will be any distribution to unsecured creditors at this time. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · conditional on: at this time · claims qualifier: unstated; basis: unstated · quote: Given that the net proceeds of the assets purchased will be inferior to the secured debt held by Wells Fargo and Roynat, the creditors that hold security against the purchased assets will not be fully repaid under the proposed transaction. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: secured creditors (Wells Fargo and Roynat) · interim final: unstated · claims qualifier: unstated · stated on: 2025-04-10 · table missing:
- report date10 April 2025
- report noThird Report
- sale advisorErnst & Young Orenda Corporate Finance Inc.
- sale outcometext: Faucher SISP resulted in the selection of Les Câbles Ben-Mor Inc. as Successful Bidder, with the Faucher APA executed and subject to Court approval; Rocky SISP still ongoing · scope: parcel · status: pending_approval