Quebec · CCAA
First Report of the Monitor
Court officer report · 16 November 2015
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 filing4 verified
- cash on handnote: Estimated cash balance in the operating bank accounts. The cash flow projection estimates a closing balance of $1,846,000 at end of the Cash Flow Period (forecast, not a position). · as at: 2015-11-11 · amount: 54000 · currency: CAD · qualifier: approximately
- financial positionnote: Total assets and total liabilities are not stated in the report. It states only a deficit (negative equity) of $52.8M after losses of $14.1M in 2013 and $22.8M in 2014. Other liability context: Callidus secured debt of approximately $86 million (approx. $45 million actual working capital advanced, balance accrued interest and borrowing costs); trade accounts payable of approximately $5.5 million as at November 2, 2015 (approximately $3.3 million USD and $1.2 million CAD), majority over thirty days past due; preferred redeemable shares redeemable at $5,285,870. The Monitor views the Petitioners as insolvent but understands, based on recent evaluation reports, that the assets and operations continue to have significant value. · as at: 2014-12-31 · basis: Petitioners' draft audited consolidated financial statements for the year ended December 31, 2014, dated October 22, 2015; auditor's report cites material uncertainty about going concern · scope: consolidated - Bluberi Group Inc., Bluberi Gaming Technologies Inc. and Bluberi USA, Inc. · currency: CAD
- operational summaryBluberi, a Drummondville-based casino game developer with about 150 employees, is in a liquidity crunch and an impasse with its main secured creditor Callidus, and has sought CCAA protection to stabilize operations and evaluate refinancing, a strategic partner or a sale process over the first 30 days.
- report date16 November 2015