Quebec · CCAA
Second Report of the Monitor on the State of the Petitioner’s Financial Affairs – dated May 28, 2014
Court officer report · 28 May 2014
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 of May 16, 2014, liquidity constraints resulted in an inability to make certain post-filing payments in due course. · as at: 2014-05-16 · amount: 4224 · currency: CAD
- disbursementsnote: Disbursed to Timbercreek Asset Management representing interest charges on the mortgage loan from DIP Loan Funds held in trust. · since: issuance of the Initial Order (March 21, 2014) · amount: 690813 · currency: CAD
- financial positionnote: Only cash balance figures stated, not full assets/liabilities: book cash balance (net of outstanding checks) of $1,244 as of April 30, 2014 vs projected $11,159; $4,224 as of May 16, 2014; unpaid post-filing operating costs of approximately $56,800 as of May 16, 2014 (excluding disputed Syndicate contributions); unpaid professional fees of Monitor and counsel of approximately $400,000 as of report date; DIP Loan Funds held in trust of $1,489,171 as of May 27, 2014. · as at: 2014-04-30 · basis: unaudited · scope: entity - Petitioners (Casperdiny IFB Realty Inc. and Les Appartements Club Sommet Inc.) · currency: CAD
- operational summaryThe Petitioners continue to operate the Club Sommet apartment property in the normal course, pursuing a lease-up program to improve occupancy (around 60%) while working toward completion of a sale transaction by August 1, 2014.
- professional feesnote: Approximate figure as of the date of this report; forecasted future fees of $75,000/month for June and July also mentioned separately as forecast. · party: Monitor (Richter) and insolvency counsel (Fasken Martineau) · amount: 400000 · currency: CAD
- report date28 May 2014
- report noSecond Report of the Monitor