Ontario · Foreign recognition (CCAA)
Fifth Report of the Information Officer dated February 23, 2024
Court officer report · 23 February 2024
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What we verified from this filing9 verified
- closing confirmedscope: the Appliances Sale Transaction · outcome: completed · effective: 2023-11-08 · purchaser: IB Appliances US Holdings, LLC · date basis: stated; scope: the Housewares Sale Transaction · outcome: not_completed · purchaser: IB Housewares US Holdings, LLC · date basis: unstated
- fee scheduleengagements: form: prose · rows: · money: tax: label: taxes · quote: plus taxes of CAD$19,190.96 · amount: 19190.96 · fees: quote: CAD$135,430.00 in professional fees · amount: 135430 · total: quote: billings totalling CAD$166,813.74 · amount: 166813.74 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: CAD$12,192.78 in disbursements · amount: 12192.78 · period: end: 2024-02-16 · kind: invoice · label: EY Application Period · quote: for the period from the issuance of the Supplemental Order to February 16, 2024 (the ' EY Application Period ') · approval: quote: The Information Officer seeks approval for its fees and disbursements · state: sought · averages: · currency: code: CAD · quote: CAD$166,813.74 · invoices: · firm text: Ernst & Young Inc. · firm quote: appointed Ernst & Young Inc. as Information Officer (the ' Information Officer ') in the CCAA Recognition Proceedings · context quote: The Information Officer seeks approval for its fees and disbursements for the period from the date of the issuance of the Supplemental Order to February 16, 2024 including billings totalling CAD$166,813.74 including CAD$135,430.00 in professional fees, CAD$12,192.78 in disbursements plus taxes of CAD$19,190.96.; form: time_summary · rows: Sharon Hamilton; Simone Carvalho; Donna Hatfull · money: · period: end: 2024-02-16 · kind: cumulative · label: EY Application Period · quote: Instant Brands Inc. Professional Fees Hours - Ernst & Young Inc. June 15, 2023 to February 16, 2024 · start: 2023-06-15 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: appointed Ernst & Young Inc. as Information Officer (the ' Information Officer ') in the CCAA Recognition Proceedings · hours total: quote: 142.5 · value: 142.5 · context quote: Instant Brands Inc. Professional Fees Hours - Ernst & Young Inc. June 15, 2023 to February 16, 2024; form: time_summary · rows: Sharon Hamilton; Simone Carvalho; Donna Hatfull · money: fees: quote: 37,777.50 $ · amount: 37777.5 · approximate: false · period: end: 2023-06-23 · kind: invoice · quote: For the period Ending June 23, 2023 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: appointed Ernst & Young Inc. as Information Officer (the ' Information Officer ') in the CCAA Recognition Proceedings · hours total: quote: Total | 41.3 · value: 41.3 · context quote: Instant Brands Inc. SUMMARY OF HOURLY FEES AND DISBURSEMENTS; form: time_summary · rows: Sharon Hamilton; Donna Hatfull · money: fees: quote: 35,647.50 $ · amount: 35647.5 · approximate: false · disbursements: quote: 12,192.78 $ · amount: 12192.78 · period: end: 2023-09-08 · kind: invoice · quote: For the period Ending September 8, 2023 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: appointed Ernst & Young Inc. as Information Officer (the ' Information Officer ') in the CCAA Recognition Proceedings · hours total: quote: Total | 36.9 · value: 36.9 · context quote: Instant Brands Inc. SUMMARY OF HOURLY FEES AND DISBURSEMENTS; form: time_summary · rows: Sharon Hamilton; Donna Hatfull · money: fees: quote: 60,535.00 $ · amount: 60535 · approximate: false · period: end: 2023-10-27 · kind: invoice · quote: For the period Ending October 27, 2023 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: appointed Ernst & Young Inc. as Information Officer (the ' Information Officer ') in the CCAA Recognition Proceedings · hours total: quote: Total | 62.2 · value: 62.2 · context quote: Instant Brands Inc. SUMMARY OF HOURLY FEES AND DISBURSEMENTS; form: time_summary · rows: Sharon Hamilton; Cam Bear · money: fees: quote: 11,017.50 $ · amount: 11017.5 · approximate: false · period: end: 2024-01-05 · kind: invoice · quote: For the period Ending January 5, 2024 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: appointed Ernst & Young Inc. as Information Officer (the ' Information Officer ') in the CCAA Recognition Proceedings · hours total: quote: Total | 12.3 · value: 12.3 · context quote: Instant Brands Inc. SUMMARY OF HOURLY FEES AND DISBURSEMENTS; form: report_table · rows: · money: tax: label: tax · quote: 44,749.22 · amount: 44749.22 · fees: quote: TOTAL | TOTAL | 344,145.00 · amount: 344145 · total: quote: TOTAL | TOTAL | 344,145.00 | 79.73 | 44,749.22 | 388,973.95 · amount: 388973.95 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 79.73 · amount: 79.73 · period: kind: cumulative · label: the Applicable Period · quote: Summary of Goodmans LLP Accounts for the Applicable Period · approval: state: unstated · averages: rate: 945.71 · quote: Average Hourly Rate ($ Fees Billed / Hours Billed) | 945.71 · scope: Average Hourly Rate ($ Fees Billed / Hours Billed) · currency: code: CAD · quote: Total On This Invoice (CAD) · invoices: tax: 5848.68 · date: 2024-02-20 · fees: 44988 · quote: February 20, 2024 | January 03, 2024 to February 19, 2024 | 44,988.00 | 1.83 | 5,848.68 | 50,838.51 · total: 50838.51 · period end: 2024-02-19 · period start: 2024-01-03 · disbursements: 1.83 · firm text: Goodmans LLP · firm quote: GOODMANS LLP · hours total: quote: 363.9 Total Hours · value: 363.9 · context quote: As shown in the summary, Goodmans incurred a total of 363.9 hours in connection with this matter during the Application Period, at an average hourly rate of $945.71.; form: level_summary · rows: Joseph Pasquariello; Andrew Harmes; Erik Axell; Dan Dedic; Heather Wilson; Brad Power; Marilyn Herd · money: · period: kind: cumulative · label: the Applicable Period · quote: Summary of Activity by Goodmans LLP Professionals · approval: state: unstated · averages: rate: 945.71 · quote: Average Hourly Rate ($ Fees Billed / Hours Billed) | 945.71 · scope: Average Hourly Rate ($ Fees Billed / Hours Billed) · currency: · invoices: · firm text: Goodmans LLP · firm quote: GOODMANS LLP · hours total: quote: 363.9 Total Hours · value: 363.9 · context quote: Summary of Activity by Goodmans LLP Professionals
- operational summaryThe Chapter 11 Debtors completed the sale of their appliances business but the housewares sale fell through, so they continue operating the housewares business while pursuing a plan of reorganization; the Canadian Debtors' operations remain integrated with the US head office.
- professional feesnote: Includes CAD$135,430.00 in professional fees, CAD$12,192.78 in disbursements plus taxes of CAD$19,190.96; Goodmans (independent counsel to Information Officer) fees for same period totalled CAD$388,973.94 including CAD$344,145.00 professional fees, CAD$79.73 disbursements plus taxes of CAD$44,749.21 · party: Information Officer (Ernst & Young Inc.) · amount: 166813.74 · period: date of the issuance of the Supplemental Order to February 16, 2024 · currency: CAD
- purchaserIB Appliances US Holdings, LLC; IB Housewares US Holdings, LLC
- recovery outcomeentries: basis: unstated · quote: all secured and priority claims with the exception of the Prepetition Term Loan Claims will be paid in full or treated as unimpaired; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: unstated · class label: all secured and priority claims with the exception of the Prepetition Term Loan Claims · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Holders of Prepetition Term Loan Claims will receive partial recovery, consisting of an equity interest in the Reorganized Debtors and an interest in the Litigation Trust; and · pct of: unstated · outcome: shortfall · class key: secured · stated by: unstated · class label: Prepetition Term Loan Claims · interim final: unstated · claims qualifier: unstated · table missing:
- report date23 February 2024
- report noFifth Report
- sale outcometext: The Appliances Sale Transaction and the Housewares Sale Transaction were to result in the sale of substantially all of the Chapter 11 Debtors' business. · scope: whole_business · status: closed