Ontario · CCAA
Second Report of the Monitor
Court officer report · 28 April 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 filing7 verified
- operational summaryThe Applicants continue to operate in the ordinary course while running a court-approved sale and investment solicitation process; one sale (the Jamaica assets, $350,000) is proposed for approval, and further asset sales are being negotiated with a view to winding down the remaining business.
- process resultsbids: 9 · ndas: 37 · note: The SISP yielded nine Bids by the Bid Deadline; eight designated Qualified Bids · as of: 2023-04-24 · solicited: 87 · qualified bids: 8
- professional feesnote: Monthly CRO fee of $35,000 plus a success fee of 4% of the amount distributed to creditors at completion of the CCAA Proceedings. Fees of the Monitor, its counsel and the Applicants' counsel are not quantified; the Administration Charge is proposed to rise from $275,000 to $775,000 to cover the CRO and the Professional Group. · party: Keith Merker, Chief Restructuring Officer (CRO) · amount: 35000 · period: monthly · currency: CAD
- purchaserWilliam Mahfood
- report date28 April 2023
- report noSecond Report
- sale outcometext: One of the Qualified Bids in respect of the Jamaican assets and operations of the Company has been deemed a Successful Bid, and the Company is seeking approval of the resultant Jamaica Transaction · scope: parcel · status: pending_approval