Ontario · NOI
Third Report of Richter Advisory Group Inc. in its capacity as Trustee under the Notices of Intention to make a Proposal of Jones Canada, Inc. and Nine West Canada LP – dated July 27, 2018
Court officer report · 27 July 2018
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 filing8 verified
- cash on handnote: Reported ending cash $15,675 thousand per the cash flow variance table, as at July 14, 2018; approximately $6.7 million higher than forecast ($8,953 thousand). · as at: 2018-07-14 · amount: 15700000 · currency: CAD · qualifier: approximately
- disbursementsnote: Reported operating disbursements of $7,698 thousand (forecast $8,013 thousand), shown before separate restructuring fees of $749 thousand (forecast $1,124 thousand) reported under 'Other Disbursements'. · since: April 8, 2018, through July 14, 2018 · amount: 7698000 · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Adam Sherman; Carol O'Donnell; Eric Finley; Gilles Benchaya; Katherine Forbes; Pascale Lareau; Soazig Bourgine; fees: 114232 · hours: 245.9 · quote: Grand Total | 245.90 | | $ 114,232.00 · row kind: subtotal · rate kind: standard · name as stated: Grand Total · money: fees: quote: Total Fees Charged | | | $ 114,232.00 · amount: 114232 · approximate: false · period: end: 2018-07-20 · kind: invoice · label: the Period · quote: Time Summary For the Period from June 3, 2018 to July 20, 2018 · start: 2018-06-03 · approval: quote: approving the Proposal Trustee's fees and disbursements for the period from June 3, 2018 to July 20, 2018 · state: sought · averages: rate: 464.55 · quote: The average hourly rate billed by the Proposal Trustee during the Period is $464.55. · currency: code: CAD · quote: Total Due CAD · invoices: fees: 57760 · quote: Professional services rendered to June 23, 2018 | Professional services rendered to June 23, 2018 | | $ 57,760.00 · period end: 2018-06-23; tax: 8473.75 · fees: 56472 · quote: Total Due | CAD | $ 73,656.47 · total: 73656.47 · period end: 2018-07-20 · disbursements: 8710.72 · firm text: Richter Advisory Group Inc. · firm quote: THIRD REPORT OF RICHTER ADVISORY GROUP INC. IN ITS CAPACITY AS TRUSTEE UNDER THE NOTICES OF INTENTION TO MAKE A PROPOSAL OF JONES CANADA, INC. AND NINE WEST CANADA LP · hours total: quote: Grand Total | 245.90 | | $ 114,232.00 · value: 245.9 · context quote: I am a Senior Vice President of Richter Advisory Group Inc. ('Richter'); form: time_summary · rows: Ian Aversa; Jeremy Nemers; Eric Tweel; Patrick Williams · money: · period: end: 2018-07-17 · kind: invoice · quote: for the period from June 11, 2018 to July 17,2018 · start: 2018-06-11 · approval: quote: approving the Proposal Trustee's fees and disbursements for the period from June 3, 2018 to July 20, 2018 and those of the Proposal Trustee's counsel, Aird & Berlis LLP ('Alrd & Berlis'), for the period from June 11, 2018 to July 17,2018 · state: sought · averages: rate: 434.08 · quote: The average hourly rate of Aird & Berlis LLP is $434.08. · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: those of the Proposal Trustee's counsel, Aird & Berlis LLP ('Alrd & Berlis') · context quote: The Proposal Trustee has reviewed the invoices rendered by Aird during the period from June 11, 2018 to July 17, 2018.
- operational summaryThe Liquidation Sale of all 35 retail locations concluded on June 30, 2018, all store leases were disclaimed and nearly all employees terminated except six head office staff, leaving only limited intangible assets (domain names, customer lists) to monetize while the NW Canada Entities wind down and prepare a proposal to creditors.
- professional feesnote: Fees excluding HST, plus expenses and disbursements of $12,449.97 (also excluding HST), which include $12,207.57 of Aird & Berlis fees/disbursements. Separately, counsel Aird & Berlis LLP fees for June 11 to July 17, 2018 are $8,030.50 plus $437.82 disbursements (excluding HST). · party: Richter Advisory Group Inc. (Proposal Trustee) · amount: 114232 · period: June 3, 2018 to July 20, 2018 · currency: CAD
- receipts cumulativenote: Reported total receipts of $21,330 thousand (retail + FF&E sales $18,246 thousand; wholesale AR collections $3,084 thousand) versus forecast of $15,297 thousand. · since: April 8, 2018, through July 14, 2018 · amount: 21330000 · currency: CAD
- report date27 July 2018
- report noThird Report