Quebec · CCAA
Second Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Monitor dated November 9, 2023
Court officer report · 9 November 2023
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: Ending cash for the 2-week period ended October 29, 2023, stated as 8,596 in '000 CAD; the report also estimates the consolidated cash balance as of October 30, 2023 at $8.6M. · as at: 2023-10-29 · amount: 8596000 · currency: CAD
- operational summaryStornoway has placed the Renard mine in care and maintenance and temporarily laid off approximately 450 employees. It is selling its remaining diamond inventory in November-December 2023 and running a court-approved sale and investment solicitation process (SISP), while seeking a stay extension to January 24, 2024.
- process resultsnote: list of potential bidders compiled; solicitation letter not yet distributed as of this report · as of: 2023-11-13 · solicited: 60
- report date9 November 2023
- report noSecond Report
- sale advisorDeloitte Corporate Finance Inc.; Bonas-Couzyn
- sale outcometext: SISP initiated, go-to-market materials being prepared, solicitation letter distribution expected to commence November 13, 2023 · scope: whole_business · status: process_approved