Quebec · CCAA
Seventh Report of the Monitor
Court officer report · 20 June 2016
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 filing8 verified
- cash on handnote: Ending cash balance as at June 11, 2016, which approximated the projected balance; reflects all Canadian and US operating accounts and the blocked accounts under the Callidus credit agreement. Excludes outstanding items (net outstanding items of $(55,106)), including post-filing cheques in circulation of $133,574. · as at: 2016-06-11 · amount: 6391759 · currency: CAD
- disbursementsnote: Total outflows per the cumulative actual column of Appendix A, on a cash basis, unaudited. Budgeted cumulative outflows were $15,908,700. Includes legal, Monitor, CRO and other professional fees as separate lines. · since: 2015-11-12 (date of the Initial Order), through 2016-06-11 (approximately 31 weeks) · amount: 10966886 · currency: CAD
- operational summaryBluberi continues to operate as a going concern, employing 68 people, while a sale of substantially all its business to Callidus' purchaser entity under a signed APA awaits court approval and the purchaser's receipt of gaming licences; the Monitor considers cash sufficient to sustain operations through the projection period.
- purchaser2515443 Ontario Limited; Callidus Capital Corporation
- receipts cumulativenote: Total inflows per the cumulative actual column of Appendix A, on a cash basis, unaudited. Budgeted cumulative inflows were $14,335,687. · since: 2015-11-12 (date of the Initial Order), through 2016-06-11 (approximately 31 weeks) · amount: 17264629 · currency: CAD
- report date20 June 2016
- report noSeventh Report of the Monitor
- sale outcometext: Callidus Offer retained as Successful Offer; APA signed; Monitor supports the APA Approval & Vesting Order Motion pending Court approval and Interim Period before vesting · scope: whole_business · status: approved