British Columbia · CCAA
The purpose of this eleventh report (the “Eleventh Report”) is to provide the Supreme Court of British Columbia with information regarding: a) the Proofs of Claims (defined below) received; b) authorization and direction with respect to filing a Plan of Compromise and Arrangement as described herein; c) establishing the procedure for the Company to call, hold, and conduct the meeting of its creditors to consider and vote on the Plan (defined below); d) budget to actual analysis of the forecast in the Monitor’s Ninth Report (the “Ninth Report Forecast”); e) a revised forecast (the “Eleventh Report Forecast”); f) the Company’s request for an extension of the Stay of Proceedings up to and including April 30, 2019; and g) the Monitor’s recommendations
Court officer report · 13 March 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 filing7 verified
- cash on handnote: Stated as beginning cash for the Eleventh Report Forecast Period, after consolidation of all bank accounts · amount: 776394 · currency: CAD · qualifier: approximately
- financial positionnote: Book Value at Filing by asset: Equipment $6.3 million, Energy Garden $Nil, Saleable Finished Goods $2.7 million; Total $9 million. Forced Liquidation Value estimated by Monitor: Equipment $3.3 million, Energy Garden $Nil, Saleable Finished Goods $Nil; Total $3.3 million. Site Restoration Obligation estimated at $15.3 million to $35.8 million (a liability/obligation, not included in total liabilities above). Total pre-filing claims per Claims Ledger: $29,850,070 (Related Party claims pending review). · basis: Book Value at Filing; forced liquidation values are Monitor estimates · scope: entity - 0891775 B.C. Ltd. (formerly Harvest Fraser Richmond Organics Ltd.) · currency: CAD · total assets: 9000000
- operational summaryThe Company has ceased receiving inbound compost material since December 14, 2018, laid off most of its workforce (retaining approximately 8 employees), partially dismantled its CASP composting infrastructure, and is now focused on selling off large stockpiles of finished goods inventory and pursuing a Plan of Compromise and Arrangement in consultation with the Port and other stakeholders.
- professional feesnote: Figure is a professional fee estimate used solely for the Monitor's bankruptcy-scenario recovery analysis, not an actual incurred fee amount for this report period. Separately, restructuring professional fees forecast in the Eleventh Report Forecast total $450,000 for the period March 11 to April 26, 2019, covering fees in arrears of the Monitor and its legal counsel plus Company's legal counsel. · party: Monitor and professionals (estimate for costs of administering bankruptcy) · amount: 500000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: Accordingly, the Plan contemplates that the Related Parties collectively stand to receive a Distribution in the amount of $153,000 which is approximately 0.52% of the total quantum of the Claims filed by the Related Parties overall. · pct of: unstated · outcome: distribution · pct low: 0.52 · pct high: 0.52 · class key: unsecured · stated by: monitor · amount low: 153000 · amount high: 153000 · class label: Related Parties (collectively) · interim final: unstated · related party: true · claims qualifier: unstated; basis: plan · quote: that the Plan contemplates a recovery of at least 10% to Creditors comprising the General Unsecured Creditor Class; and on that basis the Monitor is of the view that Affected Creditors are unlikely to receive a better recovery in bankruptcy of the Company which would be the likely outcome should the Plan fail; and · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: monitor · class label: General Unsecured Creditor Class · interim final: unstated · claims qualifier: unstated · stated on: 2019-03-13 · table missing:
- report date13 March 2019
- report noEleventh Report