Prince Edward Island · CCAA
Monitor's Fifth Report to Court - June 9, 2010
Court officer report · 9 June 2010
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: Ending bank balance per the unaudited cash flow statement for Jan 14 to Jun 3, 2010: $6,395 in Mariner bank accounts plus $340,055 in the Grant Thornton trust account. Forecast ending balance was $658,946. · as at: 2010-06-03 · amount: 346450 · currency: CAD
- disbursementsnote: Actual total disbursements per the cash flow statement, including the $510,000 first instalment paid to GE on May 31, 2010; forecast was $259,174. The total-row label is garbled in the source (shown as 'GE Agreement'). · since: January 14, 2010 (filing date), through June 3, 2010 · amount: 782175 · currency: CAD
- operational summaryMariner's own operations have been replaced by Chestnut Ventures Inc., which since early May 2010 leases its equipment and part of the premises, processes seafood and employs about 80 former Mariner employees. Mariner is settling with GE and seeking a stay extension to early August 2010 to file a plan of arrangement.
- professional feesnote: Accrued professional costs are $342,000 in Monitor's fees and approximately $55,000 in legal fees (excluding recoverable GST); only $3,465 of consulting fees had actually been paid. No single total is stated. · party: Monitor (Grant Thornton Limited) and Mariner's lawyers (Matheson & Murray) · period: accrued to date · currency: CAD
- receipts cumulativenote: Actual total receipts per the cash flow statement (AR collections $205,766, sales $818,119, other $52,406, GST refund $45,419); forecast was $912,797. The table's total-row label is garbled in the source (shown as 'GST Refund'). · since: January 14, 2010 (filing date), through June 3, 2010 · amount: 1121710 · currency: CAD
- report date9 June 2010
- report noFifth Report