Ontario · CCAA
Third Report of the Monitor dated August 26, 2015
Court officer report · 26 August 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
- operational summaryThe Company's mining operations have been suspended and on standby since the end of 2013 due to low iron ore prices; it is seeking to restructure key contracts and refinance so it can resume mining when prices recover, and is selling surplus generators to raise liquidity.
- process resultsbids: 2 · lois: 2 · note: Two parties made preliminary offers; revised offers received August 17 and 20, 2015 · as of: 2015-08-20
- purchaserToromont CAT, a division of Toromont Industries Ltd.
- report date26 August 2015
- report noThird Report
- sale advisorHilco Asset Sales Canada
- sale outcometext: Monitor recommends the Court approve the Transaction with Toromont CAT for the surplus equipment · scope: ancillary · status: pending_approval