Newfoundland and Labrador · CCAA
Monitor’s Seventh Report dated September 4, 2025
Court officer report · 4 September 2025
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 filing7 verified
- cash on handnote: Funds on hand per the Statement of Receipts and Disbursements from February 10, 2025 to September 3, 2025. · as at: 2025-09-03 · amount: 4056630.66 · currency: CAD · qualifier: funds held in trust by the Monitor
- disbursementsnote: Advertising $3,974.35, Monitor's fees $171,506.57, Monitor's legal counsel fees $41,322.29; no payments to secured creditors. · since: February 10, 2025 · amount: 216803.21 · currency: CAD
- operational summaryThe Companies' operations are cashflow positive but have not generated enough cash to cover professional fees, owing to weak lobster sales and higher-than-expected professional costs. They are continuing groundfish operations while pursuing a sale of the R.S. Journey II and groundfish licenses, completion of the Lot 3 sale, and a refinancing effort.
- professional feesnote: Outstanding fees: $108,147.52 for the Monitor and $21,493.22 for its legal counsel; the Monitor proposes paying them from trust funds rather than increasing the Administration Charge. The Statement of Receipts and Disbursements to September 3, 2025 shows cumulative Monitor's fees of $171,506.57 and counsel fees of $41,322.29 paid or disbursed. Tax treatment not stated. · party: Grant Thornton Limited (Monitor) and its legal counsel · amount: 129640.74 · period: to July 31, 2025 · currency: CAD
- receipts cumulativenote: Includes deposit on tender $1,213,750.00, funds received from Company $215,329.42, interest earned $34,354.45, retainer $20,000.00, and sales of assets $2,790,000.00. · since: February 10, 2025 · amount: 4273433.87 · currency: CAD
- report date5 September 2025
- report noSeventh Report