Quebec · CCAA
Monitor’s Report on the State of Petitioners’ Financial Affairs, and in support of the Motion seeking lease to transfer and surrender substantially all of the Debtors’ Assets outside the Normal Course of Business and seeking extension of the Initial Order – dated July 17, 2014
Court officer report · 17 July 2014
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: Book cash balance (net of outstanding checks); also stated as $54,349 as of June 30, 2014. · as at: 2014-07-11 · amount: 96223 · currency: CAD
- disbursementsnote: Disbursed by Monitor to Timbercreek Asset Management for mortgage interest; an additional $325,000 disbursed for operational liquidity. · since: Initial Order / DIP funding period through July 14, 2014 · amount: 1053780 · currency: CAD
- operational summaryThe Debtors have continued to operate the Property (a 291-unit Montreal apartment building) in the normal course, collecting rents and pursuing lease-up, but the property management agreement with Asta was terminated effective July 18, 2014 as the Property is being transferred and surrendered to Timbercreek.
- process resultssolicited: 35 · qualified bids: 3
- professional feesnote: Projected/forecast professional fee payment consistent with original Projections, not an incurred fee to date. · party: Professionals (unspecified, CCAA-related) · amount: 50000 · period: week of July 12, 2014 · currency: CAD
- purchaserRakotta Holdings Inc.; Timbercreek
- report date17 July 2014
- sale advisorCBRE Capital Markets - National Apartment Group
- sale outcometext: Recommends approval of Transfer and Surrender Agreement with Timbercreek following termination of Rakotta bid · scope: whole_business · status: pending_approval