Quebec · CCAA
Seventh Report of the Monitor is intended to provide the Court with information relevant to the Plan
Court officer report · 8 September 2025
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 filing9 verified · 1 withheld
- cash on handnote: Net proceeds from the Transaction held in the Monitor Trust Account, as at September 5, 2025, less estimated disbursements other than professional fees (Low Scenario figure; High Scenario figure is $2,208K). · as at: 2025-09-05 · amount: 2183000 · currency: CAD
- closing confirmedscope: all of Stokes' inventory and intellectual property, and the assignment of certain leases in respect of 73 stores · outcome: completed · effective: 2024-12-23 · purchaser: Hart Stores Inc. · date basis: stated · approval order date: 2024-12-23
- financial positionnote: Liquidation Analysis components (book value, CAD '000s, as at July 31, 2025): Cash and cash equivalents 2,249; LCs 180; Deposits & holdbacks 680; Tax Losses Contribution -; Estimated realizable value of assets 3,109. Document does not state a total assets/liabilities figure; only component and scenario figures are given. · as at: 2025-07-31 · basis: unaudited, illustrative liquidation analysis based on internally prepared financial statements · scope: entity - Stokes Inc. · currency: CAD
- operational summaryStokes has largely wound down its own operations following the sale to Hart Stores, with the Monitor overseeing the claims process, distributions, and preparation of the Plan while the Applicant works through cut-off calculations and tax loss assessments.
- professional feesnote: Approximately $360K are accrued professional fees as of the date of the Seventh Report; part of estimated realization costs. · party: Monitor, Monitor's counsel and the Debtor's counsel · amount: 360000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: The Initial Distribution should provide for an overall average distribution rate ranging from approximately 19% to 22% of total claims, with Affected Creditors recovering, at a minimum, between 5% and 100% of their respective Proven Claims. · pct of: unstated · outcome: distribution · pct low: 19 · pct high: 22 · class key: unsecured · stated by: monitor · amount low: 1403000 · cumulative: false · amount high: 1628000 · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The approximately 109 Convenience Creditors (representing or 59% in number of the Affected Creditors) will receive a distribution equal to 100% of their Proven Claims. · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Convenience Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Liquidation Analysis demonstrates that the net realizable value of the Applicant's assets in the context of a theoretical bankruptcy and liquidation, would give rise to a distribution to the Creditors varying between 25% and 31%. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 31 · class key: unsecured · stated by: monitor · class label: Creditors (liquidation scenario) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The currently contemplated Plan is expected to yield a lower distribution on both the low end (19% vs. 25%) and high end (29% vs. 31%). · pct of: unstated · outcome: distribution · pct low: 19 · pct high: 29 · class key: unsecured · stated by: monitor · class label: Affected Creditors (Plan distribution analysis) · interim final: unstated · conditional on: high end includes Tax Losses Contribution Distribution of $500K · claims qualifier: unstated; basis: plan · quote: Under the low-end distribution contemplated by the Plan, 55 of the non-convenience class creditors are expected to receive a distribution exceeding 25%, between 26% and 96%. · pct of: unstated · outcome: distribution · pct low: 26 · pct high: 96 · class key: unsecured · stated by: monitor · class label: non-convenience class creditors · interim final: unstated · conditional on: 55 of the non-convenience class creditors, low-end distribution · claims qualifier: unstated · stated on: 2025-09-08 · table missing:
- report date8 September 2025
- report noSeventh Report
- sale outcometext: Transaction between Hart Stores and Stokes closed on December 23, 2024 · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.