Alberta · CCAA
Fifth Report of the Monitor
Court officer report · 8 June 2020
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What we verified from this filing9 verified
- cash on handnote: Actual bank balance at the end of the prior fourteen-week Variance Period (ended May 30, 2020), carried forward as the beginning cash balance for the Forecast Period. · amount: 276300 · currency: CAD
- closing confirmedscope: the ARS Assets · outcome: completed · purchaser: ARS Trucking & Welding Ltd. · date basis: unstated · approval order date: 2020-02-28; scope: the Auction Assets · outcome: completed · date basis: unstated · approval order date: 2020-02-28
- operational summaryThe Companies have completed the sale of substantially all of their transportation assets through an auction and a separate sale to ARS Trucking, with only two remaining pieces of equipment left to be sold, while working to resolve lien claims and a receivable dispute with Diavik as they wind down toward conclusion of the CCAA proceedings.
- professional feesnote: Reported as actual 'restructuring costs' in the Variance Analysis; original forecast had excluded TIC's legal counsel's professional fees. · party: TIC's legal counsel, the Monitor and the Monitor's legal counsel (combined restructuring costs) · amount: 560302 · period: fourteen-week period ended May 30, 2020 · currency: CAD
- purchaserARS Trucking & Welding Ltd.; price: note: net sale proceeds of approximately $6.2 million (exclusive of GST) · basis: cash · amount: 6200000 · sealed: false · currency: CAD · scope: substantially all the Companies' remaining assets, outside of the ARS Assets (the "Auction Assets") · status: closed · name note: end purchasers at auction conducted by IronPlanet Canada Ltd., unnamed · structure: auction · name source: operative · relationship: unstated
- report date8 June 2020
- report noFifth Report of the Monitor
- sale advisorIronPlanet Canada Ltd.
- sale outcometext: ARS Sale and Auction completed; two items (Whitehorse Truck and Hay River Trailer) still to be sold in a future auction · scope: whole_business · status: closed