Ontario · CCAA
First Report of the Monitor dated April 24, 2015
Court officer report · 24 April 2015
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 (unaudited, $000s: 5,348) for the period March 28 to April 17, 2015; opening cash position was 1,479 ($000s). · as at: 2015-04-17 · amount: 5348000 · currency: CAD
- disbursementsnote: Total disbursements for the period March 28 to April 17, 2015 (unaudited, $000s: 1,142 vs 1,193 projected). · since: March 28, 2015 (through April 17, 2015) · amount: 1142000 · currency: CAD
- operational summaryThe Company's business has largely been inactive since the end of 2013 and no revenue from operations is projected; it is in care and maintenance mode while it restructures key contracts and seeks refinancing, hoping to resume mining when iron ore prices recover. It has disclaimed office and equipment leases and relocated its Toronto head office to a lower-cost location.
- professional feesnote: Actual disbursement for Legal and Professional Fees in the cash flow table ($000s: 81 actual vs 217 projected); the Report does not give a separate total for the Monitor's or counsel's own fees. · party: Company's legal and professional fees (as disbursed) · amount: 81000 · period: March 28 to April 17, 2015 · currency: CAD
- receipts cumulativenote: Total receipts for the period March 28 to April 17, 2015 (unaudited, $000s: 5,011), mainly $5,000 from sale of assets (Howse) and $11 of GST/HST rebates/remittances. · since: March 28, 2015 (through April 17, 2015) · amount: 5011000 · currency: CAD
- report date24 April 2015
- report noFirst Report