British Columbia · NOI
First Report of the Trustee on its Preliminary Administration
Court officer report · 18 September 2023
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What we verified from this filing7 verified
- cash on handnote: Cash held within the receivership as reported in the Assets held in Receivership table. · as at: 2023-09-18 · amount: 3139864 · currency: CAD
- financial positionnote: Total Creditors figure of $16,142,490 combines Total Secured Creditors ($5,941,268), Priority Employee under WEPP ($70,565) and Total Unsecured Creditors ($10,130,657) as stated in the Description of Creditors table. · as at: 2023-09-18 · basis: Immediate realizable value estimate of remaining receivership assets (unaudited); a separate projected 'if facility sold' scenario shows total assets of $8,124,704 and is a forecast, not the current position. · scope: Entity-level – Tantalus Labs Ltd. bankrupt estate/receivership assets and creditors · currency: CAD · total assets: 3673704 · total liabilities: 16142490
- operational summaryTantalus is no longer operating; the Receiver has kept the Maple Ridge facility in cold hibernation (~$7.5k/month) while collecting receivables and working with a broker/auctioneer to sell the facility and equipment under a signed agreement expected to close in early November 2023.
- recovery outcomeentries: basis: estimated · quote: Since the secured claims against the Estate exceed the immediate realizable value of the remaining assets, there will be a significant shortfall on the repayment of the secured claims against the Estate if the Company's 75,000 square foot greenhouse facility located in Maple Ridge (the ' Facility ') isn't sold. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: secured claims · creditor name: Sungrown Mortgage Corporation · interim final: unstated · conditional on: if the Company's Facility isn't sold · claims qualifier: unstated; basis: estimated · quote: In this case, there will be no funds available for distribution to the unsecured creditors of the estate. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: if the Facility isn't sold · claims qualifier: unstated; basis: unstated · quote: Currently there are no funds in the Bankrupt estate for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Trustee plans to make an interim distribution of $2,000,000 to Sungrown in the coming days in order to limit accruing interest on Sungrown's debt. · pct of: unstated · outcome: distribution · class key: secured · stated by: trustee · amount low: 2000000 · amount high: 2000000 · class label: Sungrown · creditor name: Sungrown Mortgage Corporation · interim final: interim · claims qualifier: unstated · stated on: 2023-09-18 · table missing:
- report date18 September 2023
- sale advisorbroker and auctioneer
- sale outcometext: the Trustee does expect that the Receiver will sell the Facility in the coming months · scope: parcel · status: liquidation_in_progress