Quebec · CCAA
Fourth Report to the Court submitted by Deloitte Restructuring Inc. in its Capacity as Monitor
Court officer report · 6 December 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 filing7 verified
- closing confirmedscope: substantially all of the assets of the Vendors · outcome: completed · effective: 2018-11-16 · purchaser: 11017870 Canada Inc. (now known as FNX-INNOV Inc.), Thornhill G.P. and 11054953 Canada Inc. · date basis: stated · approval order date: 2018-11-12
- operational summaryThe Company completed the sale of substantially all its assets under the APA, closed in escrow and released, is undertaking an extensive process of assigning approximately 2,000 contracts to the Purchaser, and continues limited operations with reduced headcount (from ~700 to ~650 employees) during the transition period.
- professional feesnote: Figures in $000's; Budget was $2,023k for same period; separate Post-Closing period shows $0 actual professional fees vs $103k budget. · party: Professionals (Pre-Closing cash flow disbursements) · amount: 2063000 · period: two-week period ended November 17, 2018 · currency: CAD
- purchaser11017870 Canada Inc. (now known as FNX-INNOV Inc.), Thornhill G.P. and 11054953 Canada Inc.
- report date6 December 2018
- report noFourth Report
- sale outcometext: Transaction closed in escrow, released from escrow, Preliminary Closing Certificate filed; Final Closing expected December 14, 2018 · scope: whole_business · status: closed