British Columbia · CCAA
Ninth Report of the Monitor
Court officer report · 26 June 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 filing7 verified
- cash on handnote: Combined balance includes funds flowing through for the 484 Stores; the Ending Operating Cash Balance was $96,883. Ninth Cash Flow Forecast starts from Beginning Cash of $631,403 (Notes to Forecast: approximately $631,404 at June 24, 2024). The Monitor also holds the SISP Transaction proceeds and the SNDL Shares in trust, which are not included in these figures. · as at: 2024-06-23 · amount: 631403 · currency: CAD · qualifier: Ending Combined Cash Balance (actuals) at end of the Eighth Cash Flow Period
- disbursementsnote: Actual disbursements for the Eighth Cash Flow Period versus projected $4,420,745. Net funds spent/distributed to 484 of $2,297,076 are shown separately and are flow-through, not Company disbursements. · since: December 11, 2023 (Eighth Cash Flow Period, to June 23, 2024) · amount: 3524547 · currency: CAD
- operational summaryAll of the Company's retail cannabis stores are operated by 484 or Nova under transition services agreements; the SNDL Transaction closed May 8, 2024, and the Company is expected to have no operations once the 484 Transaction closes (anticipated early July 2024). The SNDL Shares are to be sold in about September 2024, followed by an interim distribution and ResidualCo's assignment into bankruptcy.
- professional feesnote: Approximate figure; no restructuring fee payments were made after the date of the SNDL TSA, so substantial fees are outstanding (actual restructuring fees paid in the Eighth Cash Flow Period were $25,000 against a $275,000 projection). Amounts are subject to completion of the Calculation. Tax treatment not stated. · party: Company's counsel, the Monitor, and the Monitor's counsel · amount: 275000 · period: Accrued and owing; forecast to be paid in the Ninth Cash Flow Period (June 24, 2024 to January 10, 2025) · currency: CAD
- receipts cumulativenote: Actual retail revenue (SNDL Stores) for the Eighth Cash Flow Period versus projected $4,712,337. Separately, $2,831,596 of funds were received for the 484 Stores, which flow through the Company and are not actual Company receipts. · since: December 11, 2023 (Eighth Cash Flow Period, to June 23, 2024) · amount: 3486118 · currency: CAD
- report date26 June 2024
- report noNinth Monitor's Report