Alberta · CCAA
Fifth Report of the Monitor
Court officer report · 22 August 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 (Actual column) as at end of Reporting Period · as at: 2013-08-17 · amount: 398971 · currency: CAD
- disbursementsnote: Actual total expenses for the Reporting Period July 21 to August 17, 2013 · since: July 21, 2013 (start of Reporting Period) · amount: 742278 · currency: CAD
- operational summaryRS continued normal-course operations during the reporting period with continued support from employees, suppliers, and customers, and no significant order delays or cancellations.
- process resultsnote: No qualified bids other than the stalking horse ASPA were submitted by the phase one bid deadline · as of: 2013-05-21 · qualified bids: 0
- professional feesnote: Actual figure vs forecast of $175,210; not broken down by individual professional · party: Professional/Legal Fees (aggregate, actual) · amount: 200090 · period: July 21, 2013 to August 17, 2013 · currency: CAD
- purchaserWerklund Capital Corporation and Melybe Skandinavia AS
- recovery outcomeentries: basis: plan · quote: Therefore the Plan does not contemplate any recovery for existing shareholders. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Existing Shareholders · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Liquidation Analysis above indicates that there would be no recoveries available for creditors ranking subordinate to the Debenture Obligation, · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: creditors ranking subordinate to the Debenture Obligation · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: the Existing Shareholders have no economic interest and would recover nil in a liquidation or an asset purchase under the ASPA. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Existing Shareholders · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: absent of the Plan, Affected Creditors would most likely recover no monies · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2013-08-22 · table missing:
- report date22 August 2013
- report noFifth Report
- sale outcometext: No qualified bids other than the ASPA were submitted and the SISP was terminated; the Plan contemplates completion of the ASPA transaction · scope: whole_business · status: pending_approval
- stalking horseWerklund/Melbye