Ontario · CCAA
Second Report of the Proposal Trustee
Court officer report · 9 April 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 filing6 verified
- cash on handnote: Ending/closing cash balance from the actual results for the Reporting Period, compared to a projected $2.0 million. · as at: 2024-03-29 · amount: 8000000 · currency: CAD · qualifier: approximately
- financial positionnote: This is the First Report's balance sheet (attached as Appendix A to the Second Report). Shareholders' Equity of $59,466,000 also shown; components include Cash $489, Accounts Receivable $396, Inventory $5,758, Intercompany Receivables $55,184, Furniture Fixtures and Equipment $9,039, Intangible Assets $9,615, Other Assets $2,332 (all $000s). · as at: 2024-01-31 · basis: unaudited financial position, based on the Company's books and records · scope: entity - TBS Canada · currency: CAD · total assets: 82813000 · total liabilities: 23347000
- operational summaryTBS Canada completed liquidation and closure of 33 store locations (terminating approximately 197 store-level employees), continues to operate 72 Going Concern Stores with about 570 employees, and is working to rebuild its inventory supply chain following disruption caused by its UK parent's insolvency, while pursuing a going-concern outcome.
- professional feesnote: Actual restructuring professional fees of $286,000 versus budgeted $893,000 for the Reporting Period; forecast for the Cash Flow Period (March 30 to June 28, 2024) is $1,571,000. · party: Restructuring Professional Fees (Company's legal counsel and the Proposal Trustee and its legal counsel) · amount: 286000 · period: February 24, 2024 to March 29, 2024 · currency: CAD
- report date9 April 2024
- report noSecond Report