Alberta · CCAA
05. Fifth Report of the Monitor
Court officer report · 17 April 2009
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 filing6 verified
- cash on handnote: Ending cash balance as at April 3, 2009 (compared to a forecast of approximately $7.654 million); the table's ending cash line includes $2,525K of funds held in trust. · as at: 2009-04-03 · amount: 6894000 · currency: CAD · qualifier: approximately
- operational summaryJED continues to operate in the normal course with core employees retained, but is hurt by weak commodity prices, production problems (including an ERCB-imposed gas production restriction expected to end April 30, 2009) and a public-company cost structure; its operations are cash-flow negative while stakeholders negotiate a plan of arrangement.
- professional feesnote: Estimate for the forecast period only, not fees incurred to date; includes anticipated legal and monitor costs in finalizing a plan of arrangement. The report gives no actual professional fee total for the Reporting Period (only a positive timing variance of approximately $175,000 on Monitor and counsel fees). · party: Legal and Monitor (estimated, forecast) · amount: 315000 · period: April 4 to May 29, 2009 (Forecast Period) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: This could result in the unsecured creditors of JPI, representing claims valued at $11.2 million, receiving no recovery whatsoever. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors of JPI · claims amount: 11200000 · interim final: unstated · conditional on: if the Noteholders' proposed plan of arrangement relying on the JOI Inter-company Claim proceeds · claims qualifier: asserted · stated on: 2009-04-17 · table missing:
- report date17 April 2009
- report noFifth Report