Ontario · CCAA
Monitor's Ninth Report dated June 10, 2016
Court officer report · 10 June 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
- closing confirmedscope: the Original Transaction · outcome: not_completed · effective: 2015-09-25 · purchaser: Fortress · date basis: stated
- operational summaryConstruction on the Project remains halted since 2014; the Company's remaining activities are limited to corresponding with legal counsel and assisting the Monitor as the CCAA proceedings move toward final distribution and termination.
- professional feesnote: Includes HST of $6,191.43 on fees of $47,626.37; Blakes (Monitor's independent legal counsel) separately incurred fees of $93,472.95 plus HST of $12,134.99, totaling $105,607.94, for the same period. · party: Monitor (Grant Thornton Limited) · amount: 53817.8 · period: January 1, 2016 to May 31, 2016 · currency: CAD
- purchaserFortress; Fortress
- recovery outcomeentries: basis: estimated · quote: As set out in the Eighth Report, LBC will suffer a shortfall under the LBC Security in excess of $6 million. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: LBC · creditor name: Laurentian Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As a result, there will not be any funds available for distribution to the Lien Claimants other than with respect to priority claims for Holdback Deficiencies, all of which, other than with respect to unpaid Remaining Lien Claimants, have been made. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Lien Claimants · interim final: unstated · conditional on: other than priority claims for Holdback Deficiencies · claims qualifier: unstated · stated on: 2016-06-10 · table missing:
- report date10 June 2016
- report noNinth Report
- sale advisorColliers International
- sale outcometext: The Secondary Sale Process resulted in the execution of the Agreement of Purchase and Sale dated as of October 26, 2015 between the Company and Fortress, approved by the Court on November 12, 2015. · scope: whole_business · status: approved