British Columbia · CCAA
Third Report of the Monitor
Court officer report · 16 August 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 filing8 verified
- cash on handnote: Cash flow variance table shows ending cash of $136 (CAD thousands) actual versus $76 forecast. · as at: 2022-08-14 · amount: 136000 · currency: CAD · qualifier: approximately
- disbursementsnote: Total actual disbursements of $214 (CAD thousands) versus $224 forecast; the table covers the eleven-week period ending August 14, 2022. · since: commencement of the CCAA proceedings, to August 14, 2022 · amount: 214000 · currency: CAD
- operational summaryThe Company has no operating revenue, minimal physical assets and two employees. It is using interim DIP funding from Mrs. Liu (total advances $350,000) to pursue a sale and investor solicitation process for its mining interests, mainly the Wapiti project, while a claims process is under review.
- professional feesnote: Professional disbursements of $200 (CAD thousands), actual and forecast. Monitor's fees paid to end of July 2022; Company's counsel fees paid to end of June 2022; Monitor's counsel holds a retainer. Tax treatment not stated. · party: Company's legal counsel, the Monitor and Monitor's legal counsel (combined professional disbursements) · amount: 200000 · period: Eleven weeks ending August 14, 2022 · currency: CAD
- receipts cumulativenote: Total actual receipts of 0 (CAD thousands) in the cash flow variance table; the only cash inflow was DIP financing of $350 (CAD thousands). · since: commencement of the CCAA proceedings, to August 14, 2022 · amount: 0 · currency: CAD
- report date16 August 2022
- report noThird Report
- sale outcometext: SISP proposed to solicit interest in a sale of or investment in Wapiti or CDI generally; Monitor recommends approval · scope: parcel · status: process_approved