Ontario · CCAA
First Supplement to the Twenty-First Report of the Monitor, dated February 6, 2025
Court officer report · 6 February 2025
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What we verified from this filing5 verified
- closing confirmedscope: the PGL Going Concern Transaction · outcome: completed · effective: 2024-11-07 · date basis: stated · approval order date: 2024-09-26
- purchaserprice: note: aggregate gross Purchase Price under the A&R PGL Purchase Agreement, allocated among Purchased Assets: $42,109,977 to Vehicles, $8,014,843 to Accounts Receivable, $160,000 to Tangible Property, $50,000 to Intangibles, $1 to shares of Insurance Co., $100,000 to Inventory, $50,000 to Prepaid Expenses · basis: cash · amount: 50484821 · sealed: false · scope: the PGL Going Concern Transaction (Purchased Assets including Vehicles, Accounts Receivable, Tangible Property, Intangibles, shares of Insurance Co., Inventory and Prepaid Expenses) · status: closed · name note: referred to only as 'the Purchaser' under the A&R PGL Purchase Agreement; related party to the Pride Entities · structure: assets · name source: recital · relationship: related_party
- recovery outcomeentries: basis: estimated · quote: | DIP Agent | $7,807,362 | ($344,056) | $7,463,306 | $5,597,479 | · pct of: unstated · outcome: distribution · pct low: 75 · pct high: 75 · class key: secured · stated by: monitor · amount low: 5597479 · cumulative: false · amount high: 5597479 · class label: DIP Agent (non-Vehicle proceeds) · creditor name: DIP Agent · interim final: unstated · conditional on: without prejudice to affected lenders taking a different view on the ultimate appropriate allocation · claims qualifier: unstated; basis: estimated · quote: | - | Tpine | 29 | $494,247 | ($21,969) | $472,279 | $354,209 | · pct of: unstated · outcome: distribution · pct low: 75 · pct high: 75 · class key: secured · stated by: monitor · amount low: 354209 · cumulative: false · amount high: 354209 · class label: Tpine (via DIP Agent, Vehicle proceeds) · creditor name: Tpine · interim final: unstated · conditional on: without prejudice to affected lenders taking a different view on the ultimate appropriate allocation · claims qualifier: unstated; basis: unstated · quote: | - | Tpine | 42 | $626,378 | ($27,842) | $598,536 | $448,902 | · pct of: unstated · outcome: distribution · pct low: 75 · pct high: 75 · class key: pmsi_lessor · stated by: monitor · amount low: 448902 · cumulative: false · amount high: 448902 · class label: Tpine (via TD Equipment Finance, Vehicle proceeds) · creditor name: Tpine · interim final: unstated · conditional on: without prejudice to affected lenders taking a different view on the ultimate appropriate allocation · claims qualifier: unstated; basis: unstated · quote: | - | PGL | 329 | $7,317,031 | ($325,237) | $6,991,795 | $5,243,846 | · pct of: unstated · outcome: distribution · pct low: 75 · pct high: 75 · class key: secured · stated by: monitor · amount low: 5243846 · cumulative: false · amount high: 5243846 · class label: PGL (Vehicle proceeds) · creditor name: PGL · interim final: unstated · conditional on: without prejudice to affected lenders taking a different view on the ultimate appropriate allocation · claims qualifier: unstated · stated on: 2025-02-06 · table missing:
- sale advisorHilco
- sale outcometext: The PGL Going Concern Transaction closed and post-closing purchase price adjustments and cost allocations have been made; the Monitor recommends an interim distribution of net proceeds. · scope: whole_business · status: closed