Quebec · CCAA
Preliminary Administration Report of the Trustee
Court officer report · 7 February 2019
What we verified from this filing10 verified · 1 withheld
- cash on handnote: Cash was already being held in the Monitor's trust account on the date of bankruptcy. · as at: 2019-01-23 · amount: 11548 · currency: CAD
- closing confirmedscope: the assets of the home insulation, window insulation, weatherization and sealing divisions · outcome: completed · effective: 2018-03-07 · purchaser: Loxcreen Canada Ltd · date basis: stated; scope: the Carpet Inventory · outcome: completed · effective: 2018-03-22 · purchaser: Lanart Rug Inc. · date basis: stated · approval order date: 2018-03-22
- financial positionnote: Secured creditors expected to approximate $31 million; unsecured creditors expected to approximate $14 million; RCR only had $11,548 in cash as all operating assets were sold during CCAA proceedings. · as at: 2019-01-23 · basis: Statement of Affairs prepared by the Trustee in compliance with the BIA · scope: 8912416 Canada Inc. (formerly RCR International Inc.), entity-level · currency: CAD · total assets: 11548 · total liabilities: 45000000
- operational summaryRCR ceased manufacturing operations and sold substantially all of its assets during CCAA proceedings in 2018 (to Loxcreen and Lanart), its U.S. subsidiary Dennis was dissolved, and by the bankruptcy date RCR had no remaining operating assets, only $11,548 in cash held in trust.
- purchaserLoxcreen Canada Ltd; Lanart Rug Inc.
- recovery outcomeentries: basis: unstated · quote: As the amount of the secured claim of the secured creditor, BMO, totaled approximately $35 million, the secured lendersuffered a significant shortfall and accordingly there were no net proceeds of realization available to fund a dividend to the unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: secured creditor (BMO) · claims amount: 35000000 · creditor name: Bank of Montreal (BMO) · interim final: unstated · related party: false · claims qualifier: estimated; basis: estimated · quote: Given that all the assets of RCR were sold during the CCAA and the amount still owed to the secured creditor following the sale of these assets, it is very unlikely that monies will be available for distribution to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 14000000 · interim final: unstated · claims qualifier: estimated · stated on: 2019-02-07 · table missing:
- report date7 February 2019
- report noPreliminary Administration Report of the Trustee
- sale advisorLincoln International Inc.
- sale outcometext: All the assets of RCR were sold during the CCAA proceedings · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.