Ontario · CCAA
First Report of the Monitor dated April 12, 2023
Court officer report · 12 April 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 filing6 verified
- cash on handnote: Higher than forecast primarily due to a favourable timing difference; follows the initial DIP Facility advance of $1.2 million received April 5, 2023. · as at: 2023-04-09 · amount: 1394000 · currency: CAD
- disbursementsnote: Total disbursements for the period April 3 to April 9, 2023 per the variance analysis (stated in $ thousands as 86); forecast was 836, with the variance attributed mainly to timing. · since: April 3, 2023 (one-day pre-filing stub period plus the week to April 9, 2023) · amount: 86000 · currency: CAD
- operational summaryThe Applicants are conducting an orderly wind-down while exploring other restructuring options. They have terminated about 111 of 238 employees, are selling finished inventory in the bulk market, and are running a liquidation process for equipment and seeking brokers for the Fenwick Facility sale. They are also pursuing a sale of equipment to Pinnrz and a transition arrangement at the Vaughan Facility.
- receipts cumulativenote: Total receipts (all sales collections) for the period April 3 to April 9, 2023 per the variance analysis (stated in $ thousands as 140); forecast was 455. · since: April 3, 2023 (one-day pre-filing stub period plus the week to April 9, 2023) · amount: 140000 · currency: CAD
- report date12 April 2023
- report noFirst Report