Ontario · NOI
Second Report of the Proposal Trustee dated September 17, 2020
Court officer report · 17 September 2020
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What we verified from this filing7 verified
- financial positionnote: From First Report (Appendix B), Section 2.2 Assets table (as at June 30, 2020): Cash $952,000; Inventory $2,133,000; Other assets $401,000; Fixed assets $3,491,000; total $6,977,000 as stated in the table. Liabilities not stated as a total: secured creditors included TD Bank ~$1.2 million (First Report) / ~$400,000 (Second Report, later date) plus CF, BF, BMW; unsecured trade/landlord claims ~$5.8 million as of the Filing Date (July 14, 2020). · as at: 2020-06-30 · basis: unaudited, Company's books and records / management estimate · scope: entity - Mendocino Clothing Company Ltd. · currency: CAD · total assets: 6977000
- operational summaryThe Company discontinued most retail store operations, liquidated substantially all inventory, disclaimed its retail store leases, and is restructuring around an e-commerce model, with the possibility that the stalking horse purchaser may continue operating a few stores.
- purchaserShop Mboutique Ecomm Ltd.
- report date17 September 2020
- report noSecond Report
- sale outcometext: Proposal Trustee recommends the Court approve the Stalking Horse Agreement and the Sale Process · scope: whole_business · status: pending_approval
- stalking horseShop Mboutique Ecomm Ltd. (400000)