Ontario · NOI
Fourth Report of Richter Advisory Group Inc. in its capacity as Trustee under the Notice of Intention to make a Proposal – dated February 12, 2021
Court officer report · 12 February 2021
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
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · label: the Period · quote: during the Period at an average hourly rate of $405.36 · approval: state: unstated · averages: rate: 405.36 · quote: at an average hourly rate of $405.36 · currency: · invoices: · firm text: Richter Advisory Group Inc. · firm quote: the First Report of Richter Advisory Group Inc., in its capacity as the Proposal Trustee of the Debtor · hours total: quote: expended a total of 740.19 professional hours during the Period · value: 740.19 · context quote: in its capacity as the Proposal Trustee of the Debtor
- financial positionnote: Assets are at book value; estimated realizable value per SOA is $9,283K. Liabilities = secured $30,200K (Topco) + unsecured $13,118K; preferred and contingent nil. Components were summed in the document's own summary tables (the document states the totals). · as at: 2021-01-08 · basis: Per the Company's Statement of Affairs (unaudited); asset book value $21,708K with estimated realizable value per SOA of $9,283K; liabilities are estimated claims per SOA · scope: Geox Canada Inc. (single entity) · currency: CAD · total assets: 21708000 · total liabilities: 43318000
- operational summaryThe Company has exited eight of its thirty retail stores, is finalizing lease amendments with its landlords for the remaining locations, and continues operating its business while pursuing a proposal funded by its parent; its Sponsor funding keeps its remaining operations going as a going concern.
- professional feesnote: Net of discounts, excluding applicable taxes; disbursements of $16,522.99 additional; total $357,720.34 including taxes. Fasken Martineau DuMoulin LLP (counsel) fees $91,172.50 plus disbursements $1,179.44 for Sept 9, 2020 to Jan 31, 2021, $104,372.53 including taxes. · party: Richter Advisory Group Inc. (Proposal Trustee) · amount: 300043.65 · period: May 13, 2020 to January 31, 2021 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: | Convenience Creditor Claims 43 100.0% 43 Estimated Convenience Creditor Election Claims 325 22.2% 72 Remaining Unsecured Claims 6,723 5.4% 360 Total Unsecured Claims (excluding Sponsor Claims) 7,091 6.7% 475 Sponsor Claims (unsecured) 6,027 0.0% - Total Unsecured Claims 13,118 475 · pct of: unstated · outcome: distribution · pct low: 22.2 · currency: CAD · pct high: 22.2 · class key: unsecured · stated by: proposal_trustee · amount low: 72000 · amount high: 72000 · class label: Estimated Convenience Creditor Election Claims · claims amount: 325000 · interim final: unstated · currency quote: (in CAD$000s) · claims qualifier: estimated; basis: estimated · quote: | Convenience Creditor Claims 43 100.0% 43 Estimated Convenience Creditor Election Claims 325 22.2% 72 Remaining Unsecured Claims 6,723 5.4% 360 Total Unsecured Claims (excluding Sponsor Claims) 7,091 6.7% 475 Sponsor Claims (unsecured) 6,027 0.0% - Total Unsecured Claims 13,118 475 · pct of: unstated · outcome: distribution · pct low: 5.4 · currency: CAD · pct high: 5.4 · class key: unsecured · stated by: proposal_trustee · amount low: 360000 · amount high: 360000 · class label: Remaining Unsecured Claims · claims amount: 6723000 · interim final: unstated · currency quote: (in CAD$000s) · claims qualifier: estimated; basis: estimated · quote: the estimated distribution to Unsecured Creditors (not including Convenience Creditors) per dollar of Proven Claim is estimated to be approximately 5.4%, prior to the Superintendent's Levy. · pct of: proven_claims · outcome: distribution · pct low: 5.4 · pct high: 5.4 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (not including Convenience Creditors) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: As set out above, it is anticipated that there would be no funds available to Unsecured Creditors in a bankruptcy scenario. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Company's Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2021-02-01 · table missing:
- report date12 February 2021
- report noFourth Report