British Columbia · CCAA
Sixth Report of the Monitor (November 1, 2019)
Court officer report · 1 November 2019
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
- cash on handnote: Actual closing cash position (C$000s: 2,178) for the 3-week period ended October 18, 2019; budgeted closing cash was 1,185. No DIP advances drawn to date. · as at: 2019-10-18 · amount: 2178000 · currency: CAD
- closing confirmedscope: Miniso Chile · outcome: completed · effective: 2019-08-23 · date basis: stated; scope: Peruvian Miniso assets · outcome: completed · date basis: unstated
- disbursementsnote: This is a period figure (total disbursements C$2,829,000 vs. budget C$2,981,000), not cumulative since filing. · since: September 28, 2019 (3-week period ended October 18, 2019) · amount: 2829000 · currency: CAD
- operational summaryThe Companies continue operating stores and are being run by the Manager and Monitor without a CEO. The Plan and Acquisition Agreement contemplate the Purchasers acquiring substantially all assets and continuing operations, with over 450 employees offered employment, while the Companies wind down and the Monitor completes the CCAA proceedings.
- professional feesnote: Actual professional fees of C$445,000 versus C$305,000 budgeted; higher due to timing differences in processing invoices from the Companies' counsel, and the Monitor and its counsel. Tax treatment not stated. · party: Companies' counsel, the Monitor and its counsel · amount: 445000 · period: 3-week period ended October 18, 2019 · currency: CAD
- purchaserMiniso Lifestyle Canada Inc.; price: note: US$2.7 million relates to the Peruvian assets transaction; US$1,430,000 was received for the Chile sale · basis: cash · amount: 2700000 · sealed: false · currency: USD · scope: sale of Miniso Chile, Peruvian Miniso assets, and Argentinian assets · status: not_completed · name note: the SA Purchaser, purchaser of the Peruvian and Argentinian Miniso assets · structure: assets · name source: recital · relationship: unstated; Bin Wu (through the Wu Holdcos)
- receipts cumulativenote: This is a period figure (sales receipts of C$2,204,000, total receipts 2,204 in C$000s), not a cumulative-since-filing figure; the document states no cumulative receipts since the filing date. · since: September 28, 2019 (3-week period ended October 18, 2019) · amount: 2204000 · currency: CAD
- report date1 November 2019
- report noSixth Report
- sale outcometext: Acquisition Agreement finalized and subject to Court approval, with Monitor recommending approval of the Approval and Vesting Order · scope: whole_business · status: pending_approval