Newfoundland and Labrador · CCAA
Monitor's First Report dated February 19, 2025.pdf
Court officer report · 19 February 2025
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
- cash on handnote: Cash position at the commencement of the CCAA Proceedings (Initial Order dated February 11, 2025); held in accounts other than the BMO account to avoid application to BMO debts, being redeposited into BMO account. · amount: 275105 · currency: CAD
- operational summaryThe Companies continue to operate in the normal course, harvesting groundfish and lobster (crab seasonally) with vessel crews, though poor winter weather has lowered landings. They need no DIP financing and are preparing a sales and investment solicitation process for the Halibut License, the vessel R.S. Journey and lobster gear.
- professional feesnote: This is a forecast in the Revised Cash Flow Forecast, not fees incurred to date; tax treatment not stated. · party: Monitor, Monitor's legal counsel, and Company legal counsel · amount: 170000 · period: through to end of Week 4 (March 7, 2025) · currency: CAD
- report date19 February 2025
- report noFirst Report
- sale advisorGrant Thornton Limited
- sale outcometext: SISP proposed for sale of Halibut License, vessel, and equipment, subject to Court approval · scope: parcel · status: process_approved