Quebec · CCAA
Thirteenth Report to the Court submitted by Deloitte Restructuring Inc. in its Capacity as Monitor dated December 14, 2023
Court officer report · 14 December 2023
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 filing6 verified
- cash on handnote: Operating accounts per Appendix H, in $000s. Separately, $16,980K sat in the Monitor's trust accounts at the same date (excluding LRNG reserve of $2,468K held apart); total cash under Monitor control $20,477K. · as at: 2023-11-25 · amount: 1027 · currency: CAD (thousands) · qualifier: actual net cash, Xebec operating accounts; $1,064K including NewCo cash held in Xebec Adsorption Inc. account
- operational summaryThe Petitioners have substantially completed their restructuring, asset sales and wind-down steps. Remaining employees will be terminated around December 15, 2023, with limited part-time contractors retained for wind-down; bank accounts are to be closed and balances moved to the Monitor's Administrative Reserve.
- professional feesnote: Forecast/estimate, not incurred-to-date. Total of $4,139K = $1,856K invoiced unpaid + $2,283K remaining estimated fees; the Monitor (Deloitte) alone accounts for $2,290K of that table's 'Total' column. Another $1,621K was actually disbursed Sept 16–Nov 25, 2023. Includes sales taxes for Administrative Reserve purposes. · party: All professionals (Osler, McDonald Hopkins, Clifford Chance, Deloitte as Monitor, McCarthy, Holland & Knight, Richter/EDC advisors, NRF, BLG, Bielli & Klauder) · amount: 4139 · period: Invoiced unpaid plus remaining estimated fees to be disbursed Nov 26, 2023 – Mar 30, 2024 · currency: CAD (thousands)
- recovery outcomeentries: basis: unstated · quote: The Company has informed the Monitor that, based on information obtained from its counsel in Italy, it is at this time uncertain whether there will be any distribution in the bankruptcy of Xebec Italy, including in respect of the Company's claim which was accepted by the trustee. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: monitor · class label: Xebec Italy bankruptcy claim · creditor name: BLA · interim final: unstated · conditional on: depending on the outcome of the adjudication of a claim relating to tax reimbursements as well as the sale of certain assets, there remains a possibility that a distribution will occur · claims qualifier: unstated; basis: unstated · quote: except for unsecured claims brought against BLA, as there is currently no distribution to unsecured creditors expected in this estate, and against GNR, as no plan has been filed · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured claims against BLA · creditor name: BLA · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: except for unsecured claims brought against BLA, as there is currently no distribution to unsecured creditors expected in this estate, and against GNR, as no plan has been filed · pct of: unstated · outcome: undetermined · stated by: monitor · class label: claims against GNR · creditor name: GNR · interim final: unstated · conditional on: no plan has been filed · claims qualifier: unstated · stated on: 2023-12-14 · table missing:
- report date14 December 2023
- report noThirteenth Report