Ontario · CCAA
First Report of the Monitor
Court officer report · 28 March 2023
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 filing5 verified
- cash on handnote: The report states no cash balance as at a date; it says cash currently on hand is a de minimis amount relative to creditor claims, and the Cash Flow Forecast (Proposed Monitor's report appendix) projects opening cash of $2,155,411 for the week ending March 23, 2023, falling to a forecast closing cash of $134,675 by May 4, 2023. The Cash Flow Forecast projects substantially all available cash will be used during the requested stay extension period. · currency: CAD · qualifier: de minimis
- operational summaryThe Applicants intend to continue operating as a going concern during the CCAA proceedings while downsizing, including closing five clinics and selling non-material assets, and are running a sale and investment solicitation process; cash is expected to be almost entirely consumed by May 4, 2023.
- professional feesnote: This is a forecast, not an incurred amount, taken from the Cash Flow Forecast appended in the Proposed Monitor's report (Appendix B). The First Report itself states no incurred professional fee total; it states only the proposed Administration Charge of up to $275,000 (increased from $100,000) as security for fees of the Monitor, Monitor's counsel and Applicants' counsel. Tax treatment not stated. · party: Professional fees (Monitor, Monitor's counsel, Company counsel, Secured Lender counsel) per the Cash Flow Forecast · amount: 651500 · period: 7 weeks ending May 4, 2023 (forecast) · currency: CAD
- report date28 March 2023
- report noFirst Report