Ontario · CCAA
06. Fifth Report of the Monitor, dated 18 March 2024
Court officer report · 18 March 2024
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 filing10 verified
- cash on handas at: 2024-03-10 · amount: 398000 · currency: CAD · qualifier: approximately
- operational summaryThe Applicants have ceased cannabis cultivation and production, exited the Langstaff Premises and left the Fenwick Premises idle; only two salaried employees remain and the business is winding down pending a reverse vesting transaction sale of the Phoena entities to a purchaser intending to resume cultivation.
- process resultsbids: 260 · ndas: 7 · note: Figures relate to CBRE's canvassing for the Fenwick Premises sale process.
- professional feesnote: Inclusive of HST and expenses. Receiver fees $4,130.50 (March 1, 2024 period from Aug 11, 2023) and Monitor's counsel (Thornton Grout Finnigan LLP) fees $524,665.80 incl. HST for March 13, 2023 to February 29, 2024. · party: Monitor (Ernst & Young Inc.) · amount: 1173915.46 · period: March 18, 2023 to March 1, 2024 · currency: CAD
- purchaser1000832157 Ontario Ltd.; price: note: Infinity JV guarantees minimum recovery amounts (Langstaff NMG $285,000, Pelham NMG $225,000) plus split of proceeds above thresholds. · basis: mixed · sealed: false · currency: CAD · scope: equipment located at the Langstaff Premises and the Pelham Premises · status: approved · name note: purchaser of equipment at the Langstaff and Pelham Premises via auction (Infinity JV) · structure: auction · name source: operative · relationship: unstated · agreement date: 2023-05-08
- recovery outcomeentries: basis: estimated · quote: Based on information available at this time, it appears that no recovery beyond the secured claims held by Cortland would be available. · pct of: unstated · outcome: nil · class key: secured · stated by: monitor · class label: creditors beyond the secured claims held by Cortland · interim final: unstated · claims qualifier: unstated · stated on: 2024-03-18 · table missing:
- report date18 March 2024
- report noFifth Report
- sale advisorCBRE Limited; Infinity Asset Solutions Inc. and Long Drive Inc.
- sale outcometext: The Subscription Agreement represents the only viable option arising out of the 10-month process and is anticipated to result in the highest realization for the Applicants' business and assets in the current circumstances. · scope: whole_business · status: pending_approval