Ontario · CCAA
Second Report of the Monitor
Court officer report · 16 September 2024
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 filing10 verified
- cash on handnote: Compared to forecast cash balance of $320,000; closing cash per variance table is 529 (CAD $000s, unaudited). Borrowings under the DIP Facility were approximately $1.3 million. · as at: 2024-09-06 · amount: 529000 · currency: CAD · qualifier: approximately
- disbursementsnote: Total disbursements actual (4,302) in CAD $000s vs. forecast (5,791); approximately $1.5 million less than projected. Cumulative for the two-week reporting period only. · since: August 24, 2024 (start of the two-week Reporting Period ended September 6, 2024) · amount: 4302000 · currency: CAD
- operational summaryThe Applicants continue operating their cannabis retail business under CCAA protection while closing underperforming stores, negotiating lease amendments with landlords, and launching a court-supervised sale and investment solicitation process underpinned by a related-party stalking horse bid.
- professional feesnote: Actual professional fees disbursed of (302) in CAD $000s vs. forecast (626); described as primarily timing and expected to reverse in future weeks. Tax treatment not stated. · party: Applicants' professionals (professional fees disbursed during the Reporting Period; not itemized by party) · amount: 302000 · period: two-week period from August 24, 2024 to September 6, 2024 · currency: CAD
- purchaserTS Investments Corp.
- receipts cumulativenote: Actual receipts of 3,209 (CAD $000s, unaudited) vs. forecast 2,674; variance of approximately $535,000 attributed to higher than forecast sales at closing stores. Cumulative for the two-week reporting period only. · since: August 24, 2024 (start of the two-week Reporting Period ended September 6, 2024) · amount: 3209000 · currency: CAD
- report date16 September 2024
- report noSecond Report of the Monitor
- sale outcometext: SISP and Stalking Horse Agreement proposed for Court approval; sale process not yet approved as of this report · scope: whole_business · status: process_approved
- stalking horseTS Investments Corp. (77000000)