Ontario · CCAA
a) A brief overview of Stantive’s business; b) A comparison of actual receipts and disbursements for the 6 week period ended January 11, 2018 to Stantive’s projected cash flow statement; c) Stantive’s cash flow statement for the period January 12, 2018 o March 8, 2019; d) A brief update on SISP; e) An update to the chart comparing the purchase price under the Stalking Horse Agreement and the Trustee’s assessment of value offered under the Stalking Horse Agreement that would be used to evaluate the Qualified Bids and identify Superior Offers; f) The results of the independent legal opinion sought by the Trustee in regards to the security held by prior ranking secured creditors to the Mundo Debt and the Amar Debt (as defined in the Second Report) being 8095876 Canada Inc. In Trust (referred to as “OneKey”) and Ranger Direct lending Fund, PLC; g) Stantive’s request for an Order approving a claims solicitation process; and h) Stantive’s request for a 45 day extension in which to file its proposal pursuant to the BIA
Court officer report · 22 January 2019
Also filed as: Third Report of the Proposal Trustee
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 filing10 verified
- cash on handnote: Appendix A shows actual ending cash on hand of 900,895 vs. filed projection of 702,896 for the period ended January 11 (the Appendix header misprints the year as 2018). The report text separately projects approximately $350K cash on hand at the end of the Jan 22 Cash Flow Period (March 8, 2019), a forecast rather than a current position. · as at: 2019-01-11 · amount: 900895 · currency: CAD · qualifier: actual ending balance per Variance Analysis; the report text itself states only the projected $350K at end of the Jan 22 Cash Flow Period
- disbursementsnote: Actual total disbursements for the variance period, including restructuring costs of 389,976 and payroll of 325,374. · since: December 1, 2018, for the 6 week period ended January 11, 2019 · amount: 924163 · currency: CAD
- operational summaryStantive, a software provider with about 40 full-time employees, continues to operate while running a court-approved sale and investment solicitation process with a stalking horse bid. It is funded by $800,000 of DIP financing, a claims solicitation process is proposed, and the trustee supports a 45-day extension to file a proposal.
- process resultsnote: 125 parties initially plus 10 additional parties sent teaser and SISP notice · as of: 2019-01-22 · solicited: 135
- purchaserprice: note: Total Purchase Price (A+B+C) comprising cash amount for priority payables, credit bid (DIP Loan, Angelo, 196 Note, accrued interest), and value of assumed liabilities · basis: mixed · amount: 9723301 · sealed: false · currency: CAD · scope: Stantive's business or property · status: proposed · name note: Stalking Horse Bidder under the Stalking Horse Agreement, unnamed in this excerpt · structure: hybrid · name source: recital · relationship: stalking_horse
- receipts cumulativenote: Actual total receipts for the variance period (collection of accounts receivable); no DIP advances were received in that period. · since: December 1, 2018, for the 6 week period ended January 11, 2019 · amount: 1578198 · currency: CAD
- report date22 January 2019
- report noThird Report
- sale outcometext: SISP approved by court order; teaser and notice distributed; due diligence ongoing; claims process being sought to assist valuation of Stalking Horse Agreement relative to potential bids · scope: whole_business · status: liquidation_in_progress
- stalking horsestate: stated · amount: 9723301 · currency: CAD