British Columbia · CCAA
Fifth Report of the Monitor
Court officer report · 9 March 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 filing10 verified
- cash on handnote: The cash flow table shows ending cash of 30 (CAD thousands) actual vs 125 forecast. · as at: 2023-03-05 · amount: 29719 · currency: CAD · qualifier: approximately
- disbursementsnote: Shown as 640 in CAD thousands in the cash flow variance table; forecast was 965. · since: commencement of the CCAA proceedings, to March 5, 2023 (40-week period) · amount: 640000 · currency: CAD
- operational summaryThe Company has minimal physical assets and is running a sales and investment solicitation process for its mining interests (Wapiti, Bullmoose, Murray River) under a stay of proceedings; a 60% Wapiti share LOI awaits the purchaser's delayed due diligence travel, and expenses have been deferred.
- process resultslois: 1 · note: One LOI for 60% of Wapiti shares; Modified SISP timeline shows LOI deadline March 10, 2023 · as of: 2023-03-07
- professional feesnote: Shown in CAD thousands in the variance table (actual 597 vs forecast 857). Monitor's fees paid up to end of January 2023; Monitor's counsel and Company's counsel paid up to end of December 2022. Tax treatment not stated. · party: Company's legal counsel, the Monitor and Monitor's legal counsel (combined professional fees) · amount: 597000 · period: 40-week period ending March 5, 2023 · currency: CAD
- purchaserprice: note: LOI itself sealed; price not disclosed in this document · sealed: true · scope: 60% of CDI's shares in Wapiti · status: proposed · name note: unnamed prospective purchaser of 60% of CDI's shares in Wapiti under an LOI · structure: shares · name source: recital · relationship: unstated
- receipts cumulativenote: Actual receipts are nil; DIP advances of $669,231 are shown separately as financing, not receipts. · since: commencement of the CCAA proceedings, to March 5, 2023 (40-week period) · amount: 0 · currency: CAD
- report date7 March 2023
- report noFifth Report
- sale outcometext: Modified SISP ongoing; Wapiti LOI pending confirmatory due diligence and binding agreement negotiation · scope: whole_business · status: liquidation_in_progress