British Columbia · CCAA
Third Report of the Monitor
Court officer report · 20 July 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 filing10 verified
- cash on handnote: Actual closing cash position for the period April 1 to July 8, 2022 shown as 53 ($000's); the Extended Cash Flow Forecast's opening cash position for July 9 is 52,646 dollars. Forecast closing cash at August 12, 2022 is about $34,000 (forecast, not a position). · as at: 2022-07-08 · amount: 53000 · currency: CAD · qualifier: closing cash position per the forecast-vs-actual table, stated in $000's
- disbursementsnote: Total actual disbursements of 1,885 ($000's) versus forecast 2,146; the report attributes the $261,000 shortfall to timing differences in payments. · since: April 1, 2022 (Initial Order) to July 8, 2022 · amount: 1885000 · currency: CAD
- operational summaryThe Companies remain in CCAA protection, maintaining the Richmond development site (dewatering, security, geotechnical monitoring) using DIP financing while the Monitor runs a sales and investment solicitation process for the Development Property, whose bid deadlines have been extended repeatedly.
- process resultsnote: Multiple bidders qualified as Qualified Bidders; multiple Final Bids received but none adequately advanced. · solicited: 200
- professional feesnote: Actual disbursement of 897 ($000's) versus forecast 1,097; the extended forecast shows a further 200 ($000's) of professional fees for July 9 to August 12, 2022. The report does not state whether these exclude tax or identify the professionals. · party: Professional fees paid during the period (party not specified in the table) · amount: 897000 · period: April 1 to July 8, 2022 · currency: CAD
- receipts cumulativenote: Total actual receipts of 1,934 ($000's), consisting of DIP financing of 850 from Gatland, REV and South Street and 1,084 from Romspen. · since: April 1, 2022 (Initial Order) to July 8, 2022 · amount: 1934000 · currency: CAD
- report date20 July 2022
- report noThird Report
- sale advisorCushman & Wakefield ULC
- sale outcometext: By the Final Bid Deadline, the Monitor had received multiple Final Bids, however, none of those bids was adequately advanced so as to be acceptable to the Monitor and Romspen. · scope: whole_business · status: no_acceptable_bid