Ontario · CCAA
Monitor's Second Report
Court officer report · 10 July 2009
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- secured creditorsnote: Amount owing not stated as a total figure in these pages; monitor notes Wachovia will suffer a significant loss on its secured loans in liquidation scenarios · page: 20 · debtor: Coppley Apparel Group Limited · creditor: Wachovia Capital Finance Corporation (Central) · currency: CAD · security: DIP Lender / secured creditor; over advance position of approximately $750,000 during CCAA proceedings
- process resultsbids: 5 · ndas: 20 · note: forty-four parties contacted directly, twenty registered and twenty executed confidentiality agreements; five separate bids received by the First Bid Extension Deadline Date; no Qualified Bids received under Amended Bid Procedures · as of: 2009-06-22 · solicited: 44 · qualified bids: 0
- purchaserEmerisque Brands UK Limited and SKNL North America B.V. and its assignee HMX Canada; price: sealed: true · scope: the Coppley Assets, (excluding the Concord Assets) · status: not_completed · name note: unnamed liquidator bidder for the Coppley Assets (excluding Concord Assets) · structure: assets · name source: recital · relationship: unstated; price: sealed: true · scope: the Concord Assets · status: proposed · name note: offers received for the Concord Assets (three liquidators, one strategic buyer) · structure: assets · name source: recital · relationship: unstated
- recovery outcomeentries: basis: estimated · quote: since the recoveries anticipated from the Emerisque transaction will result in a shortfall to Wachovia and no recovery to the Company's unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Wachovia (secured creditor) · creditor name: Wachovia Capital Finance Corporation (Central) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: since the recoveries anticipated from the Emerisque transaction will result in a shortfall to Wachovia and no recovery to the Company's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: the Company's unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2009-07-10 · table missing:
- sale outcometext: Monitor recommends approval of the sale of Coppley assets to Emerisque; no qualified bids received under Amended Bid Procedures · scope: whole_business · status: pending_approval
- stalking horseEmerisque Brands UK Limited and SKNL North America B.V. and its assignee HMX Canada