Ontario · CCAA
Sixth Report of the Monitor
Court officer report · 22 April 2025
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 filing8 verified
- cash on handnote: Ending cash balance of the Remaining Applicants per Appendix B, stated in $CDN thousands (i.e. approximately $3,000). Separately, the Monitor-held Admin Reserve balance was $764,000 as of April 13, 2025. · as at: 2025-04-13 · amount: 3000 · currency: CAD
- disbursementsnote: Total disbursements of the Remaining Applicants per Appendix B ($2,745 thousands), resulting in net cash disbursements of $110 thousand. · since: April 16, 2024 (Closing of the Transaction); reporting period ends April 13, 2025 · amount: 2745000 · currency: CAD
- operational summaryThe Remaining Applicants (two ResidualCos) have no employees and are winding down the estate after the reverse vesting transaction closed, pursuing GST/HST appeals and the Excluded Tax Assets, awaiting residual D&O Trust funds, filing outstanding tax returns, and administering WEPPA claims.
- professional feesnote: Appendix B states $1,442 in $CDN thousands; includes restructuring costs for both pre- and post-Closing periods, with significant fees deferred until after Closing due to liquidity constraints. The report does not state whether the figure excludes HST/GST. · party: Applicants' counsel, the Monitor, and the Monitor's counsel (plus HST appeal and T2 filing costs) · amount: 1442000 · period: April 16, 2024 to April 13, 2025 · currency: CAD
- receipts cumulativenote: Total receipts of the Remaining Applicants per Appendix B ($2,636 thousands), comprising a $2,421 thousand transfer from the Admin Reserve and $215 thousand of other receipts. · since: April 16, 2024 (Closing of the Transaction); reporting period ends April 13, 2025 · amount: 2636000 · currency: CAD
- recovery outcomeentries: basis: actual · quote: Accordingly, while the DIP Facility has been fully repaid, there remains a significant shortfall in satisfying the indebtedness under the Credit Agreement. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Cortland (Credit Agreement) · claims amount: 22337380 · creditor name: Cortland Credit Lending Corporation · interim final: unstated · claims qualifier: unstated · stated on: 2025-04-22 · table missing:
- report date22 April 2025
- report noSixth Report