British Columbia · CCAA
Fourth Report of the Monitor
Court officer report · 4 May 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 filing8 verified
- cash on handnote: Ending Cash for Weeks 1-7 Actual period in Third Cash Flow Statement summary table · amount: 75177 · currency: CAD
- disbursementsnote: Total Operating Disbursements per Third Cash Flow Statement, combining actual and forecast weeks · since: May 1, 2023 to June 25, 2023 (Weeks 1-15 Total) · amount: 491263 · currency: CAD
- operational summaryThe Petitioners continue limited operations amid a dispute over access to their Langley premise and parts inventory, while pursuing a share purchase sale to MAR ONE Aviation and a plan of arrangement to distribute proceeds to creditors.
- professional feesnote: Approximate unpaid fees and expenses as of date of Fourth Report; Petitioners also disbursed a further $25,000 to legal counsel subsequent to the Initial Order · party: Petitioners' legal counsel and the Monitor · amount: 120000 · currency: CAD
- receipts cumulativenote: Total Operating Receipts per Third Cash Flow Statement, combining actual and forecast weeks · since: May 1, 2023 to June 25, 2023 (Weeks 1-15 Total) · amount: 452460 · currency: CAD
- recovery outcomeentries: basis: plan · quote: (a) A distribution to the unsecured creditors of an amount equal to 10 cents on the dollar of their proven claim with a cap of $100,000 for the aggregate amount paid to the unsecured creditor class; · pct of: proven_claims · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · conditional on: cap of $100,000 for the aggregate amount paid to the unsecured creditor class · cents on dollar: 10 · claims qualifier: unstated; basis: plan · quote: The balance of the Sale Proceeds will be distributed to the secured creditors on a pro rata basis pursuant to the value of their proven secured claims after payment of the following: · pct of: proven_claims · outcome: distribution · class key: secured · stated by: monitor · class label: secured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-05-03 · table missing:
- report date3 May 2023
- report noFourth Report