Quebec · CCAA
Third Report to the Court submitted by Deloitte Restructuring Inc. in its Capacity as Monitor
Court officer report · 6 November 2018
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: Balance of cash before payment of outstanding post-filing obligations · as at: 2018-11-03 · amount: 2155000 · currency: CAD
- disbursementsnote: Total Disbursements for the 7-week period · since: 7-weeks ended November 3, 2018 · amount: 14593000 · currency: CAD
- operational summaryThe Company's operations have generally continued in the normal course with the CRO and Monitor negotiating supplier credit terms, managing customer relations, and laying off 28 employees, while pursuing a sale of substantially all assets to Thornhill under an Asset Purchase Agreement.
- process resultsnote: Teaser Letter, Amended NDA and Acknowledgment SISP sent to parties who had communicated with the Monitor/CRO · as of: 2018-10-03 · solicited: 14
- professional feesnote: Higher than budget of $1,047k; includes fees for forensic review, AMF matters, SISP, Term Sheet negotiations and APA documentation · party: Various professionals (including Monitor's counsel and forensic team) · amount: 1453000 · period: 7-weeks ended November 3, 2018 · currency: CAD
- purchaserThornhill
- receipts cumulativenote: Total Collections for the 7-week period · since: 7-weeks ended November 3, 2018 · amount: 13138000 · currency: CAD
- report date6 November 2018
- report noThird Report
- sale outcometext: Proposed Transaction with Thornhill pending Court approval; Monitor recommends approval. · scope: whole_business · status: pending_approval