Quebec · CCAA
Sixth Report of the Monitor
Court officer report · 30 May 2016
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 filing9 verified
- cash on handnote: Ending cash balance per the Monitor's statement of receipts and disbursements, reflecting all Canadian and US dollar operating accounts plus blocked accounts under the Callidus credit agreement; outstanding items (net -$148,660 incl. cheques in circulation of $165,880) are not included. Projected balance was $5,871,018 (favourable variance $694,173). · as at: 2016-05-21 · amount: 6565191 · currency: CAD
- disbursementsnote: Total outflows, cash basis, per Appendix A (cumulative actual); budgeted cumulative outflows were $14,676,618. For the 4-week period April 24 to May 21, 2016, actual disbursements were $1,501,814. · since: November 12, 2015 (date of the Initial Order) to May 21, 2016 · amount: 9742461 · currency: CAD
- operational summaryBluberi continues to operate as a going concern, employing 69 people and installing/servicing electronic gaming machines, while the sale of its assets to Callidus remains unsigned and subject to dispute over interim-period management; the Monitor considers operations stabilized and sees sufficient cash to meet post-filing obligations during the projection period.
- professional feesnote: No single total is stated. Cumulative actual disbursements from the Appendix A table: Monitor fees (CCAA) $1,234,282; Legal fees (CCAA) $763,747; US Legal fees (CCAA) $356,013; Legal fees (Monitor) $393,466; CRO fees $368,286; Other professional fees $238,898. For the 4-week period April 24 to May 21, 2016: Monitor fees $134,927, CCAA legal $76,201, US legal $59,675, Monitor's legal $54,733, CRO fees $100,416, other professional $48,089. Tax treatment not stated. · party: Monitor, legal counsel (CCAA, US, Monitor's counsel), CRO and other professionals · period: November 12, 2015 to May 21, 2016 (cumulative, cash basis) · currency: CAD
- purchaserCallidus Capital Corporation
- receipts cumulativenote: Total inflows, cash basis, per Appendix A (cumulative actual); budgeted cumulative inflows were $13,271,528. For the 4-week period April 24 to May 21, 2016, actual receipts were $2,466,607. · since: November 12, 2015 (date of the Initial Order) to May 21, 2016 · amount: 16213636 · currency: CAD
- report date30 May 2016
- report noSixth Report of the Monitor
- sale outcometext: Callidus Offer retained as Successful Offer, subject to fulfilling conditions; sale not yet closed · scope: whole_business · status: bid_selected