Ontario · CCAA
This Thirty-Eighth Report reports to the Court on the following matters: (a) the status of the Roads Transaction; (b) the status of the Claims Process; (c) the status of the interim distribution; (d) the status of the ongoing litigation and commercial claims related to theConstruction Business; (e) a summary of funds advanced in accordance with the Second Amended Project Charges Order (defined below) in respect of certain construction projects of Carillion Canada, Carillion Construction and Carillion Pacific; (f) an overview of the remaining real property assets of the Applicants; (g) the status of the Monitor’s activities in respect of the funds of Carillion Canada held by HSBC UK; (h) the status of the funds held by HSBC Bank Canada; (i) the actual receipts and disbursements of the Applicants from October 17, 2021 to March 26, 2022, and the cash flow forecast of the Applicants for the period from March 27, 2022 to November 5, 2022; and (j) the Monitor’s motion for an Order (the “Stay Extension and Interim Distribution Order”) substantially in the form of the draft order located at Tab 3 of the Motion Record of the Monitor returnable April 14, 2022 (the “Motion Record”): (i) authorizing an interim distribution from the Bremner Project Settlement Proceeds Reserve to Priority Claimants with Proven Priority Claims in respect of the Bremner Project Reserve (each as defined below); (ii) authorizing an interim distribution from the Niagara Project Settlement Proceeds Reserve to Priority Claimants with Proven Priority Claims in respect of the Niagara Project Proceeds Reserve (each as defined below); and (iii) extending the Stay Period up to and including October 31, 2022
Court officer report · 7 April 2022
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 filing5 verified
- cash on handnote: Carillion Applicants' total closing cash balance (CAD 128,517 thousand: $2,277K held by Applicants plus $126,240K in Monitor trust accounts), which is also the opening cash position of the Carillion Cash Flow Forecast. Rokstad Applicants separately hold approximately $26.8 million (26,815 thousand), per the Rokstad Cash Flow Forecast. · as at: 2022-03-26 · amount: 128517000 · currency: CAD · qualifier: approximately
- operational summaryThe Applicants have sold all operating business divisions and settled all known affirmative construction claims. Remaining work consists of reviewing and resolving claims, making interim distributions, selling remaining real estate interests, pursuing the HSBC set-off issues, and finalizing financial statements and tax returns.
- recovery outcomeentries: basis: estimated · quote: The Monitor estimates that Priority Claimants with Proven Priority Claims in respect of the Bremner Project will receive an interim distribution from the Bremner Project Settlement Proceeds Reserve in the range of 40% of the Proven Priority Claims against the Bremner Project. · pct of: proven_claims · outcome: distribution · pct low: 40 · pct high: 40 · class key: preferred · stated by: monitor · class label: Priority Claimants with Proven Priority Claims in respect of the Bremner Project · interim final: interim · claims qualifier: unstated; basis: estimated · quote: The Monitor estimates that Priority Claimants with Proven Priority Claims in respect of the Niagara Project will receive an interim distribution from the Niagara Project Settlement Proceeds Reserve in the range of 65% of the Proven Priority Claims against the Niagara Project. · pct of: proven_claims · outcome: distribution · pct low: 65 · pct high: 65 · class key: preferred · stated by: monitor · class label: Priority Claimants with Proven Priority Claims in respect of the Niagara Project · interim final: interim · claims qualifier: unstated; basis: estimated · quote: For example, a Priority Claimant in respect of the Bremner Project who already received an interim distribution from Carillion Construction of 17.4% of the total Proven Claims will receive an estimated 22.6% of the amount of its Proven Priority Claim. · pct of: proven_claims · outcome: distribution · pct low: 22.6 · pct high: 22.6 · class key: preferred · stated by: monitor · class label: Priority Claimant in respect of the Bremner Project who already received an interim distribution · interim final: interim · conditional on: net of the distribution previously received in respect of their Proven Priority Claim · claims qualifier: unstated; basis: estimated · quote: Priority Claimants who did not receive an interim distribution will receive an estimated 40% of the amount of their Proven Priority Claim. · pct of: proven_claims · outcome: distribution · pct low: 40 · pct high: 40 · class key: preferred · stated by: monitor · class label: Priority Claimants who did not receive an interim distribution · interim final: interim · claims qualifier: unstated · stated on: 2022-04-07 · table missing:
- report date7 April 2022
- report noThirty-Eighth Report