Quebec · CCAA
Third Report of the Designated Monitor on the State of Debtors’ Financial Affairs
Court officer report · 30 August 2004
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 filing6 verified
- cash on handnote: Closing bank balance per actual results as at August 25, 2004; the report notes actual receipts and disbursements from August 26 to 29 are not included (management expects to disburse approximately $20,000 over those days). · as at: 2004-08-25 · amount: 566724 · currency: CAD
- disbursementsnote: Actual disbursements for the period June 3 to August 25, 2004, against projected disbursements of 2,098,513 for June 3 to August 29. · since: June 3, 2004 (to August 25, 2004) · amount: 1511120 · currency: CAD
- operational summaryPlant activities have been suspended since February 13, 2004; all remaining inventory (except merchandise withheld by Canadian warehouse owners) has been sold and recoverable receivables collected. Only three employees remain, and activities are limited to safeguarding the facilities and supporting the asset sale process, funded by DIP financing.
- receipts cumulativenote: Actual receipts for the period June 3 to August 25, 2004, against projected receipts of 5,007,000 for June 3 to August 29; the shortfall is mainly due to DIP financing being advanced monthly ($2,000,000) rather than the full $5,000,000 forecast. · since: June 3, 2004 (to August 25, 2004) · amount: 2051031 · currency: CAD
- report date30 August 2004
- report noThird Report of the Designated Monitor