Saskatchewan · Proposal
Proposal Trustee’s First Report
Court officer report · 19 April 2022
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 filing10 verified
- courtCOURT OF QUEEN'S BENCH FOR SASKATCHEWAN
- appointeeAlvarez & Marsal Canada Inc.
- appointee roleTrustee
- commencement date18 April 2022
- statutory basissubsection 50.4(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3, as amended
- cash on handnote: Opening cash of $374,384 is a figure from management's unaudited Cash Flow Forecast (Appendix C), not an actual statement of cash on hand in the report body. The report states that without the DIP Facility the Company cannot operate beyond the week of June 6, 2022. · as at: 2022-04-18 · amount: 374384 · currency: CAD · qualifier: forecast opening cash
- operational summaryJust Solutions is a crop and hail insurance broker with about 9 employees that is continuing to operate as a going concern during the NOI proceedings, funded by a proposed DIP facility while a sales and investment solicitation process runs with a stalking horse bid from its secured lender, Forage.
- professional feesnote: Forecast non-operating cash disbursements, not incurred fees. Breakdown: Alvarez & Marsal $125,000; MLT Aikins $25,000; McCarthy Tetrault $90,000. Amounts are beyond retainers each firm already holds. Tax treatment not stated. · party: Proposal Trustee (Alvarez & Marsal), MLT Aikins LLP, McCarthy Tetrault LLP · amount: 240000 · period: 13-week forecast period April 18 to July 15, 2022 · currency: CAD
- report date19 April 2022
- report noFirst Report