British Columbia · CCAA
Eighth Report of the Monitor (May 1, 2020)
Court officer report · 1 May 2020
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: Actual closing cash of $641 (in thousands) vs forecast $293, a $347 favourable variance. This excludes the US$1.43 million 1120 Funds, 50% of the QC Purchaser Inventory Price and $25,000 from Lifestyle held in trust by the Monitor. · as at: 2020-04-17 · amount: 641 · currency: CAD · qualifier: in $000s; actual closing cash position across the Companies' TD accounts and the Monitor's RBC trust account
- operational summaryThe Companies' operations were transferred to Lifestyle and the QC Purchaser on closing of the acquisitions. The Monitor controls the bank accounts, is settling remaining pre-closing expenses and sales tax remittances, and is working to resolve competing claims to the 1120 Funds before developing a second plan.
- professional feesnote: Professional fees were $77,000 lower than forecast, partly due to a timing difference on $33,000 of fees for the February and March period that was paid in late April. No total fee figure is stated in the text. · party: Monitor, its legal counsel and other CCAA professional firms · period: January 18, 2020 to April 17, 2020 · currency: CAD
- recovery outcomeentries: basis: plan · quote: With payment of the Withheld Funds, the distribution percentage to Affected Creditors (excluding Convenience Creditors) is 7.35% of the $7.4 million of admitted claims. · pct of: unstated · outcome: distribution · pct low: 7.35 · pct high: 7.35 · class key: unsecured · stated by: monitor · class label: Affected Creditors (excluding Convenience Creditors) · claims amount: 7400000 · interim final: unstated · claims qualifier: unstated · stated on: 2020-01-31 · table missing:
- report date1 May 2020
- report noEighth Report