British Columbia · NOI
Trustee’s First Report to Court
Court officer report · 29 July 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing11 verified
- appointeeCrowe MacKay & Company Ltd.
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- provinceBritish Columbia
- appointee roleProposal Trustee
- commencement date17 July 2024
- statutory basissubsection 50.4(1) of the Bankruptcy and the Insolvency Act
- cash on handnote: As at the Filing Date · as at: 2024-07-17 · amount: 88241 · currency: CAD · qualifier: in or around
- financial positionnote: Liabilities not totaled: secured claim to BMO nil (being discharged); preferred claims ~$27,000 employee wages/vacation and ~$320,000 landlord rental arrears (extent not yet determined); unsecured claims ~72 parties totaling approximately $13,088,004. Several asset values disputed as uncollectible/no realizable value by Management (e.g. AR mostly uncollectible, inventory no significant realizable value, intercompany receivables not expected to be collectible, intellectual property value unknown). · as at: 2024-05-31 · basis: unaudited trial balance; preliminary Information from Management, subject to change · scope: entity - Loop Energy Inc. · currency: CAD · total assets: 24688837
- operational summaryLoop Energy has scaled back significantly, now with only three employees, having shut down its China manufacturing facility and terminated its factory lease, while seeking a strategic partner and running a sale and investment solicitation process (SISP) supported by interim DIP financing.
- report date29 July 2024
- report noFirst Report