British Columbia · CCAA
Donnelly Holdings Ltd et al - First Report of the Monitor dated June 1, 2023
Court officer report · 1 June 2023
What we verified from this filing4 verified
- financial positionnote: No single total-assets figure stated; Monitor estimates cash of approximately $459,483 and realizable assets (primarily equipment) of approximately $1.86 million ($1.16 million owned by Hospitality Petitioners, $0.7 million owned by Bomber). Monitor views goodwill as the primary asset, but in a liquidation scenario realizable value would likely be limited to the equipment value (~$1.86 million). Total indebtedness of approximately $21,472,801 comprises $13,426,414 secured (BMO) and $8,046,387 unsecured (CRA $2,861,957; BMO unsecured $2,114,299; Trade Creditors $1,839,217; Landlord Arrears $766,184; BC Ministry of Finance $464,730). · page: 13 · basis: Monitor's preliminary, unaudited estimate based on list of creditors prepared by Management and books/records review · scope: All 25 Petitioners (Donnelly Group), including Hospitality Petitioners, Barber & Co, and Bomber · currency: CAD · total liabilities: 21472801
- secured creditorsnote: Amount includes accrued interest; described in text as 'approximately $13.4 million' (rounded prose figure), exact figure per Monitor's summary table is $13,426,414. · page: 13 · amount: 13426414 · debtor: Petitioners (Donnelly Group) · creditor: Bank of Montreal (BMO) · currency: CAD · security: Security interest over Petitioners' assets securing loans and term facilities, operating lines of credit, an overdraft facility, and BCAP/HASCAP facilities
- secured creditorsnote: Amounts owed, if any, expected to be substantially less than the amount owed to BMO; Monitor has not yet reviewed these security interests or potential claims. · page: 13 · debtor: Petitioners (Donnelly Group) · creditor: Registered Creditors (various PPSA registrants) · currency: CAD · security: Registered security interests in Personal Property Registries of Ontario and British Columbia
- recovery outcomeentries: basis: plan · quote: In general terms, Unsecured Creditors that are not Convenience Creditors will receive distributions approximately equal to their pro rata share of the Plan Contribution Amount ($500,000), which is projected to equate to approximately 2% of their Proven Claim (although such distribution could be more or less depending on the Claims submitted and subsequently proven). · pct of: proven_claims · outcome: distribution · pct low: 2 · pct high: 2 · class key: unsecured · stated by: monitor · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · table missing: