Ontario · NOI
First Report of the Proposal Trustee dated August 4, 2020
Court officer report · 4 August 2020
What we verified from this filing8 verified
- cash on handnote: Reported as part of the Company's asset summary as at June 30, 2020. · as at: 2020-06-30 · amount: 952000 · currency: CAD
- financial positionnote: Components: Cash $952,000; Inventory $2,133,000; Other assets $401,000; Fixed assets $3,491,000 (total $6,977,000 as stated in table). Unsecured creditors (trade creditors and landlords) owed approximately $5.8 million as of the Filing Date (not reported as total liabilities); secured creditor TD Bank owed approximately $1.2 million as of the date of the Report. · as at: 2020-06-30 · basis: unaudited, book value · scope: entity - Mendocino Clothing Company Ltd. · currency: CAD · total assets: 6977000
- operational summaryThe Company has been conducting a liquidation sale from most of its store locations since filing, disclaiming 17 leases, terminating employees as stores close, and restructuring toward an e-commerce model, aiming to complete the liquidation by end of August 2020.
- purchaserShop Mboutique Ecomm Ltd.
- report date4 August 2020
- report noFirst Report
- sale outcometext: Recommends approval of the Stalking Horse Agreement and Sale Process · scope: whole_business · status: pending_approval
- stalking horseShop Mboutique Ecomm Ltd. (400000)