British Columbia · Receivership (court-appointed)
Third Report of the Receiver
Court officer report · 14 March 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- operational summaryThe Receiver is finalizing transactions to sell REMDC's shares and intercompany debt to Eagle Gold Mining Inc., which will substantially complete the receivership administration; the mine itself remains non-operational with uncertain prospects of restarting.
- professional feesnote: Payment to fund amounts owing to the Receiver and its legal counsel secured by the Receiver's Charge as at January 25, 2022 · party: Receiver and its legal counsel · amount: 121000 · currency: CAD
- purchaserEagle Gold Mining Inc.; Eagle Gold Mining Inc.
- recovery outcomeentries: basis: estimated · quote: The Receiver does not anticipate any payment will be made to the Secured Lenders from the available funds. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Secured Lenders · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Secured Lenders will suffer a shortfall on their secured claim. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Secured Lenders · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, there will be no funds available for the unsecured creditors of REM. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors of REM · interim final: unstated · claims qualifier: unstated · stated on: 2020-01-17 · table missing:
- report date14 March 2022
- report noThird Report of the Receiver
- sale outcometext: Receiver recommends approval of the Assignment Agreements and Eagle PSA which will transition the assets to new ownership · scope: whole_business · status: pending_approval