British Columbia · Receivership (court-appointed)
REM Notice to Creditors to REM First Interim Report of the Receiver
Court officer report · 20 May 2019
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: Closing cash position per the interim statement of receipts and disbursements for the period November 21, 2018 to May 20, 2019 (the report's introduction describes the period as ending May 17, 2019). · as at: 2019-05-20 · amount: 1319.45 · currency: CAD
- disbursementsnote: Disbursements relate solely to bank service charges. · since: 2018-11-21 · amount: 11.4 · currency: CAD
- operational summaryREM was a holding company with no active operations; its Colombian subsidiary REMDC SAS (not in the receivership) ceased mine production in July 2018 for lack of funding, and the Receiver is assisting in discussions with interested parties about a capital injection or share purchase. The receivership is expected to be completed by the end of July 2019.
- receipts cumulativenote: Receipts consist solely of interest received on funds on deposit; excludes the opening cash position of $1,323.17 transferred from REM's bank accounts. · since: 2018-11-21 · amount: 7.68 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: It is anticipated that the Senior Lender will suffer a shortfall on its secured claim. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Senior Lender · creditor name: Senior Lender · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, there will be no funds available for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-05-20 · table missing:
- report date20 May 2019
- report noFirst Interim Report