Quebec · CCAA
Second Report to the Court submitted by Deloitte Restructuring inc. in its capacity as Monitor dated May 21, 2025
Court officer report · 21 May 2025
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What we verified from this filing9 verified
- cash on handnote: Actual net cash (shortfall) at end of the two-week period, versus a budgeted $4,729K; figures in 000's CAD per Appendix A. · as at: 2025-05-18 · amount: 5316000 · currency: CAD
- disbursementsnote: Total actual disbursements for the two-week period ended May 18, 2025, versus a budgeted $2,649K (figures in 000's CAD). · since: May 5, 2025 · amount: 2063000 · currency: CAD
- operational summaryEnerkem permanently laid off 17 employees, reducing its workforce to about 115, while continuing to pay remaining employees and trade creditors in the normal course as it pursues the SISP and restructuring under CCAA protection.
- process resultsnote: As of the date of the Second Report, these documents were distributed to a total of 173 potential bidders and there are currently discussions with certain of these potential bidders to have them sign NDAs and access the VDR. · as of: 2025-05-19 · solicited: 173
- professional feesnote: Actual professional fees paid exceeded the budgeted $570K by $142K, attributed to intensive negotiations on the Interim Financing and Restructuring Term Sheet. · party: Various professionals (Stikeman Elliott LLP - Enerkem legal counsel; RPA Advisors - Noteholders financial advisors; Goodmans LLP - Noteholders legal counsel; Others - tax advisory, patents) · amount: 712000 · period: two-week period ended May 18, 2025 · currency: CAD
- receipts cumulativenote: Total actual receipts for the two-week period ended May 18, 2025 (figures in 000's CAD). · since: May 5, 2025 · amount: 1000 · currency: CAD
- report date21 May 2025
- report noSecond Report
- sale outcometext: The SISP was officially launched on May 13, 2025 and marketing materials distributed to 173 potential bidders; discussions ongoing with certain bidders regarding NDAs and VDR access · scope: whole_business · status: liquidation_in_progress