Ontario · NOI
Third Report of the Proposal Trustee - May 1 2019
Court officer report · 1 May 2019
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
- disbursementsnote: Actual total disbursements versus forecast of 2,865,830; unfavourable variance of 472,473. · since: January 2, 2019 (actuals through April 19, 2019) · amount: 3338303 · currency: CAD
- operational summarySatin resumed manufacturing after a new collective bargaining agreement was ratified in January 2019, has cut its sales team, and plans to shut its production line the week ended May 3, 2019 once existing orders are complete. It is selling surplus raw materials, work in progress and off-quality inventory while a sale process continues.
- professional feesnote: Actual disbursement versus forecast of 435,000; the $49K favourable variance is described as timing in nature. The figure is a table line item and the table does not state whether it excludes HST. · party: Professional and Management Fees paid by the Company (all professionals and management, not the Proposal Trustee alone) · amount: 386063 · period: January 2, 2019 to April 19, 2019 · currency: CAD
- receipts cumulativenote: Actual total receipts versus forecast of 3,928,226; variance of 263,283 attributed to receivables collected above forecast, which is timing in nature. · since: January 2, 2019 (actuals through April 19, 2019) · amount: 4191509 · currency: CAD
- report date1 May 2019
- report noThird Report
- sale outcometext: Sale Process extended by approximately five weeks, with bidding restricted to parties contemplating going-concern offers · scope: whole_business · status: liquidation_in_progress