Alberta · Bankruptcy
Third Report of the Proposal Trustee (December 31, 2019)
Court officer report · 31 December 2019
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
- cash on handnote: Total ending cash balance for the Reporting Period, compared to a forecast closing cash of $78,039. · as at: 2019-12-27 · amount: 467258 · currency: CAD
- operational summaryThe Company has maintained relatively normal-course operations with no material changes or significant operational issues since the Filing Date, while pursuing a court-approved sale of its assets to 1234600 B.C. Ltd. under an APA that would preserve most jobs.
- professional feesnote: Outstanding November 2019 invoices included in the Forecast Period; a further estimate of approximately $275,000 for December and January fees is also included. On December 31, 2019 the Company paid the Proposal Trustee and its counsel's November fees (combined approximately $115,000). Tax treatment not stated. · party: Proposal Trustee, Proposal Trustee's counsel and Company's counsel (the Professional Advisors) · amount: 165000 · period: November 2019 · currency: CAD
- purchaser1234600 B.C. Ltd.
- receipts cumulativenote: Cash receipts for the Reporting Period, $25,285 above forecast due to timing. · since: November 9, 2019 (Reporting Period to December 27, 2019) · amount: 714705 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The APA will allow for the full payout of priority payables and ESW's obligations (as agreed to by ESW on the amount to be paid) and it is expected that there will be substantial recoveries to unsecured creditors. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: There will be no recoveries to the Company's shareholders. · pct of: unstated · outcome: nil · class key: equity · stated by: proposal_trustee · class label: shareholders · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Purchase Price under the APA is sufficient to: (a) pay out the charges created by this Court in its December 6, 2019 and December 16, 2019 Orders, (b) pay the principal, interest and costs owing to ESW under the Credit Agreement, and (c) pay a substantial dividend to unsecured creditors in the within proceedings. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-12-31 · table missing:
- report date31 December 2019
- report noThird Report
- sale advisorCanaccord Genuity Corp.
- sale outcometext: the Company's application for the approval of the sale transaction contemplated by an asset purchase agreement · scope: whole_business · status: pending_approval