British Columbia · CCAA
Monitor’s First Report – August 22, 2013
Court officer report · 22 August 2013
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 filing6 verified
- cash on handnote: Held in 7 separate bank accounts at Bank of Montreal and Bank of Nova Scotia. The Revised Cash Flow Statement shows an opening cash balance of $222,617 for the week of July 24, 2013. · as at: 2013-07-26 · amount: 222617 · currency: CAD
- financial positionnote: Assets and liabilities carry different as-at dates: assets as at March 31, 2013 (Dec 31, 2012 total was $34,792,628); liabilities estimated as at July 26, 2013. Employee payables are 'Unknown' (severance estimated by Management at about $250,000) and not included in the liabilities total; government claims (CRA, WCB, Crown) are also 'Unknown'. Management is of the view that realizable values of Property, Plant and Equipment in a liquidation would be substantially less than the March 31, 2013 net book values ($28,740,090). Per Monitor, cash at July 26, 2013 was $222,617. · basis: Assets: unaudited interim consolidated March Financial Statements prepared by Management (as at Mar 31, 2013); liabilities: estimated by the Petitioners as at July 26, 2013, per Appendix C summary table. · scope: Assets consolidated (Huldra Silver Inc. and subsidiaries); liabilities summarized for 0913103 B.C. Ltd. and HSI only (HSI $19,344,684 + 0913103 $1,394,022). · currency: CAD · total assets: 35718371 · total liabilities: 20738706
- operational summaryThe Mill and Treasure Mountain Mine have been on Care and Maintenance since June 26, 2013; Management targets recommencing operations in late October or mid-November 2013, dependent on further DIP funding from Waterton, and is working toward a Plan with strategic advisor Haywood.
- professional feesnote: The report states no actual fees incurred. Projected only: Monitor and counsel $50,000 retainer plus $15,000 per week; Companies' counsel $50,000 retainer plus $10,000 per week. The report also notes that estimated payments of fees for the Monitor and its counsel and for the Companies' counsel were not made during July 24 to August 4, 2013. · party: Monitor and its counsel; Companies' legal counsel · currency: CAD
- report date22 August 2013
- report noFirst Report