British Columbia · Receivership (court-appointed)
Receiver's 1st Report to Court
Court officer report · 21 September 2020
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 filing8 verified
- cash on handnote: Held in the Receiver's trust account; the Receiver has also borrowed $5 million of the $8 million authorized limit. · as at: 2020-09-18 · amount: 31000 · currency: CAD
- disbursementsnote: Includes security $406K, transportation $850K, environmental monitoring $336K, fencing $137K, effluent management $1 million, environmental sampling $175K, equipment rental $93K, insurance $4K, Receiver fees $1.4 million, legal fees $97K, GST/PST $245K, transfers to the bankruptcy estate $19K and miscellaneous $155K. · since: April 14, 2020 (to September 18, 2020) · amount: 4900000 · currency: CAD
- financial positionnote: Liabilities stated as approximately $255 million, including $13.5 million to the Province, $235 million to Fulida, $1.8 million to the Village of Port Alice, $1.1 million to Unifor Local 514 and $495K to BC Hydro. Assets listed by category only, with no total: cash in hand $6.6K, various licences and permits, real property (Mill, golf course, Substation, bare land and a condo in Port Alice), real property leases for the Victoria Lake pump houses, and various aged mill equipment. No asset total is stated, so none is reported. · as at: 2020-04-14 · basis: Based on the information available to the Receiver at April 14, 2020 (approximate); no total asset figure is stated, only a list of asset categories · scope: Neucel Specialty Cellulose Ltd. (the Company), single entity · currency: CAD · total liabilities: 255000000
- operational summaryThe Mill has been idle since 2019 and the Receiver is managing it for environmental risk reduction, not production. Its work covers site security, environmental monitoring, effluent treatment and removal of hazardous materials, and the Receiver seeks to raise its borrowing limit from $8 million to $17 million to fund this to March 31, 2021.
- professional feesnote: Legal fees for the same period were $97K; whether these figures exclude taxes is not stated. · party: Receiver (PricewaterhouseCoopers Inc.) · amount: 1400000 · period: April 14, 2020 to September 18, 2020 · currency: CAD
- receipts cumulativenote: Comprises cash on hand/in bank of $6.2K, interest of $1.1K, miscellaneous receipts of $467 and Receiver borrowings of $5 million. · since: April 14, 2020 (to September 18, 2020) · amount: 5010000 · currency: CAD
- report date21 September 2020
- report noFirst Report