British Columbia · NOI

The Purpose of this first report of the Proposal Trustee (the “First Report”) is to advise this Honourable Court with respect to, inter alia, the following: a) the background of Tantalus; b) the financial position and causes of insolvency; c) the assets and liabilities of the Company: d) communications with CRA and Sungrown; e) the activities undertaken by the Proposal Trustee in accordance with the provisions of the BIA; f) the Company’s projected cash flows (the “First Report Cash Flow Projections”) for the 13-week period from June 28, 2023 to September 27, 2023 (the “Cash Flow Period”); g) an overview of the proposed KERP and related KERP Charge; h) an overview of the proposed Success Fee; i) an overview of the Company’s request for relief under the WEPPA; j) an update on the Company’s efforts to market and sell Tantalus’ assets or shares during the NOI proceedings; k) a summary of the charges sought, including the KERP Charge, the Administration Charge, and the Directors’ and Officers’ Charge (all defined below); and l) the Proposal Trustee’s Recommendations

Court officer report · 7 July 2023