British Columbia · CCAA
Ninth Report of the Monitor
Court officer report · 16 January 2024
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: Cash flow table shows ending cash of $1 (CAD thousands), consistent with approximately $1,000. · as at: 2024-01-14 · amount: 1000 · currency: CAD · qualifier: approximately
- disbursementsnote: Table figure 1,184 (CAD thousands) vs forecast 1,427 (variance (243)); funded by DIP drawings of $1,184,291 against an approved DIP Loan of $1,390,000. · since: 85-week period ending January 14, 2024 · amount: 1184000 · currency: CAD
- operational summaryThe Company has no operating revenue and is pursuing a sale of its interests (the CDLV/HD Mining and Wapiti shares) to a single purchaser, but the purchaser's US$1 million good faith deposit has not been received. The restructuring is funded by a shareholder DIP loan, and the Monitor's powers are being expanded to deal directly with potential purchasers.
- professional feesnote: Actual professional fees disbursed per variance table (CAD thousands: 900 actual vs 1,065 forecast). Separately, approximately $39,000 of professional fees are currently outstanding; Mrs. Liu advises the Company will bring these accounts current during the Stay Extension Period. · party: Professional fees (Monitor, counsel and other advisors, aggregated) paid over the 85-week period · amount: 900000 · period: 85 weeks ending January 14, 2024 · currency: CAD
- receipts cumulativenote: Table shows Total Receipts of 1 (CAD thousands), i.e. approximately $1,000; the Company is not expected to have operating revenue during the CCAA proceedings. · since: 85-week period ending January 14, 2024 · amount: 1000 · currency: CAD
- report date16 January 2024
- report noNinth Report