Ontario · CCAA
Sixth Report of the Monitor
Court officer report · 10 September 2021
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 filing7 verified
- cash on handnote: As at the date of the Sixth Report; described as negligible with no dollar figure given. · currency: CAD · qualifier: negligible
- fee scheduleengagements: form: time_summary · rows: · money: approximate: false · period: end: 2021-09-08 · kind: invoice · label: Billing Period · quote: During the period from January 21, 2021 to September 8, 2021 (the ' Billing Period '), the total fees billed by Osler were · start: 2021-01-21 · approval: state: unstated · averages: rate: 794.34 · quote: resulting in an average hourly rate of $794.34 (exclusive of applicable taxes) · scope: exclusive of applicable taxes · currency: · invoices: · firm text: Osler · firm quote: the Statements of Account of Osler in respect of services rendered to A&M · hours total: quote: 250.4 hours were incurred by Osler personnel during the Billing Period · value: 250.4 · context quote: the total fees billed by Osler were
- operational summaryThe Applicants, having obtained creditor approval of their CCAA Plan at the September 9, 2021 meeting, are seeking court sanction and an extension of the stay to implement the Plan and terminate the CCAA proceedings; they continue to have negligible cash on hand, with rent obligations paid directly by Individual Opcos/franchisees and professional fees funded via draws on the DIP Facility.
- professional feesnote: Comprised of fees of $353,769.50, disbursements of $29,653.26 and HST of $49,844.96; Osler (Canadian counsel) fees separately totalled $223,206.98 for Jan 21-Sept 8, 2021 and Young Conaway (US counsel) fees totalled US$151,823.68 for Jan 22-Jul 31, 2021. · party: Monitor (Alvarez & Marsal Canada Inc.) · amount: 433267.72 · period: January 23, 2021 to September 2, 2021 · currency: CAD
- recovery outcomeentries: basis: plan · quote: (ii) the Plan provides for the payment of 50% of each Affected Landlord Creditor's allowed claim amount; · pct of: allowed_claims · outcome: distribution · pct low: 50 · pct high: 50 · class key: landlord · stated by: monitor · class label: Affected Landlord Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: For this reason, the Monitor is of the belief that distributions to Affected Landlord Creditors in bankruptcy proceedings of the Applicants would be materially less than the recovery that Affected Landlord Creditors will receive under the Plan. · pct of: unstated · outcome: distribution · class key: landlord · stated by: monitor · class label: Affected Landlord Creditors · interim final: unstated · conditional on: distributions in bankruptcy would be materially less than under the Plan; no figure stated · claims qualifier: unstated · stated on: 2021-09-10 · table missing:
- report date10 September 2021
- report noSixth Report