Alberta · CCAA
Third Report of the Monitor
Court officer report · 21 June 2013
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 filing11 verified
- cash on handnote: Total cash on hand including cash from financing; $1,150,000 drawn on the Interim Financing Facility as of June 15, 2013; ending cash from operations was (900,910). · as at: 2013-06-15 · amount: 249090 · currency: CAD · qualifier: including cash from financing
- disbursementsnote: Actual cash disbursements for the Reporting Period, $560,793 less than projected. · since: March 14, 2013 (through June 15, 2013) · amount: 3331309 · currency: CAD
- operational summaryRS has continued to operate in the normal course since the Initial Order with no material changes, supported by employees, suppliers and customers, and has not experienced significant delays or cancellations of customer orders.
- process resultsbids: 0 · lois: 0 · note: 10 Potential Bidders solicited interest by Potential Bidder Deadline of April 29, 2013; no Non-Binding Indications of Interest received by Phase 1 Bid Deadline of May 21, 2013 · as of: 2013-05-21 · solicited: 200 · qualified bids: 10
- professional feesnote: Actual professional/legal fees for the Reporting Period vs. forecast of $425,000; favourable variance of $31,546 attributed to timing. · party: Professional/legal fees (monitor, monitor's counsel, interim lender's counsel and RS's counsel, per cash flow forecast notes) · amount: 393454 · period: March 14, 2013 to June 15, 2013 · currency: CAD
- purchaserWerklund Capital Corporation; price: sealed: false · scope: acquisition of RS's assets and/or operations by way of a share or assets purchase · status: not_completed · name note: Non-Compliant Bidder, unnamed, submitted a non-compliant bid after Phase 1 deadline · structure: auction · name source: operative · relationship: unstated
- receipts cumulativenote: Actual cash receipts for the Reporting Period, approximately $587,842 greater than projected. · since: March 14, 2013 (through June 15, 2013) · amount: 2271592 · currency: CAD
- report date21 June 2013
- report noThird Report
- sale outcometext: SISP terminated after no Non-Binding Indications of Interest received; Monitor to seek approval of Credit Bid Purchase Agreement implementation · scope: whole_business · status: no_acceptable_bid
- stalking horseWerklund Capital Corporation and Melbye Skandinavia AS (Werklund/Melbye)