Quebec · Proposal
Report of the Trustee on the Financial Situation of the Debtor and on the Proposal
Court officer report · 22 November 2019
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: Closing cash balance per the cash flow statement for the period Sept 29 to Nov 8, 2019 (budgeted closing balance was 142,151). The SOA lists cash of $114K as at Nov. 14, 2019, stated to come from DIP financing proceeds. · as at: 2019-11-08 · amount: 114130 · currency: CAD
- financial positionnote: Figures are in thousands (total assets 6,641; total liabilities 6,742; total equity (101)). The Statement of Affairs as at Nov. 14, 2019 separately shows assets of $6,882K at book value with an estimated net realizable value of $150K; the SOA liability schedule totals $5,872K including post-filing obligations. Comparative 31-Dec-18 column: total assets 6,679; total liabilities 5,795. · as at: 2019-06-30 · basis: Unaudited balance sheet (in '000s) as at June 30, 2019 per the Trustee's report · scope: Argex Titanium Inc. (the Debtor), balance sheet including non-controlling interest · currency: CAD · total assets: 6641000 · total liabilities: 6742000
- operational summaryArgex is a pre-revenue, development-stage titanium dioxide company that has not commenced production of TiO2. It continues limited operations (lab, payroll, rent) funded by DIP financing and additional CEO funding while the stalking horse-backed Proposal is put to creditors.
- professional feesnote: Actual professional fees disbursed in the 5-week period versus a budget of 188,761. Fees covered by the administrative charge are estimated at $100K in a deemed bankruptcy scenario; the Debtor is current with payments to its counsel and the Trustee. · party: Professional fees disbursed by the Debtor (Trustee and Debtor's counsel, NOI-related) · amount: 67536 · period: September 29 to November 8, 2019 · currency: CAD
- recovery outcomeentries: basis: plan · quote: | Distribution to unsecured creditors | 13% | 6% | 0% | · pct of: unstated · outcome: distribution · pct low: 13 · pct high: 13 · class key: unsecured · stated by: trustee · class label: Unsecured creditors · interim final: unstated · conditional on: none of the $2.4M of claims in litigation/arbitration or the $505K of possibly prescribed claims are admitted · claims qualifier: unstated; basis: plan · quote: | Distribution to unsecured creditors | 13% | 6% | 0% | · pct of: unstated · outcome: distribution · pct low: 6 · pct high: 6 · class key: unsecured · stated by: trustee · class label: Unsecured creditors · interim final: unstated · conditional on: the full $2.4M of claims in litigation/arbitration and $505K of possibly prescribed claims are admitted · claims qualifier: unstated · table missing:
- report date22 November 2019