British Columbia · CCAA
Fourth Report of the Monitor dated March 21, 2023
Court officer report · 21 March 2023
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 filing9 verified
- cash on handnote: Opening cash balance for the Fourth Cash Flow Period; equals the ending cash balance actual of $95,036 for the Third Cash Flow Period ended March 12, 2023. · as at: 2023-03-13 · amount: 95036 · currency: CAD · qualifier: approximately
- operational summaryThe Company continues to operate its eight corporate retail cannabis stores in the ordinary course under CCAA protection with about 96 employees, while a sale process has produced a Sundial purchase agreement for four stores and ongoing negotiations for the remaining locations.
- process resultsbids: 7 · lois: 14 · note: 14 LOIs received in Phase 1; 7 Proposed Final Agreements (Phase 2 Bids) received by the Proposed Final Agreement Deadline · as of: 2023-03-21
- professional feesnote: Forecast restructuring fees, not actual incurred fees; includes arrears of fees for prior forecast periods and a Success Fee payable to the Sales Advisor if the Court approves a transaction with a Select Cannabis Buyer. No tax treatment stated. · party: Monitor, Monitor's counsel and Company's counsel (plus Sales Advisor Success Fee) · amount: 500000 · period: March 13, 2023 to August 6, 2023 (forecast) · currency: CAD
- purchaserSNDL Inc.; 1392484 B.C. Ltd.; price: sealed: false · scope: the Remaining Partnership Stores located at 121 Clarence St. Ottawa, ON and 208 Bank St, Ottawa, ON · status: proposed · name note: a Qualified Bidder, unnamed, offering to acquire the Remaining Partnership Stores · structure: assets · name source: recital · relationship: unstated · agreement date: 2023-02-02
- report date21 March 2023
- report noFourth Report
- sale advisorKronos Capital Partners Inc.
- sale outcometext: The SISP resulted in the Purchase Agreement now before the Court for approval, and continued negotiations with 484 and the Qualified Bidder · scope: parcel · status: pending_approval