Quebec · CCAA
Seventh Monitor's report on the update of the Debtors' restructuring efforts
Court officer report · 10 June 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 filing10 verified · 1 withheld
- cash on handnote: Ending cash per variance analysis; bank balance as of May 30, 2020 excluding the Escrow Funds held with regards to the Livent litigation (forecast shows USD 20M escrow converted at 1.34 = CAD 26.8M held separately). · as at: 2020-05-30 · amount: 39433703 · currency: CAD
- closing confirmedscope: the entirety of their MQR shares · outcome: completed · effective: 2020-05-14 · date basis: stated · approval order date: 2020-05-12
- disbursementsnote: Actual total disbursements for weeks 1-9; forecast for the same period was $8,997,532. Net cashflow of $(2,824,492). · since: March 28, 2020 (nine weeks ended May 30, 2020) · amount: 7329572 · currency: CAD
- operational summaryThe Debtors are in a hard care and maintenance scenario with construction at the Whabouchi mine and Shawinigan plant completely stopped, about 33 employees remaining, and a court-approved sale/investor solicitation process ongoing with bids due June 30, 2020.
- process resultslois: 13 · note: Declined LOIs: 5 · as of: 2020-06-05 · qualified bids: 8
- purchaserprice: note: net consideration · basis: cash · amount: 3600000 · sealed: false · currency: CAD · scope: the sale of shares held in Monarch Gold Corporation · status: closed · name note: shares of Monarch Gold Corporation, purchaser not named · structure: shares · name source: recital · relationship: unstated
- receipts cumulativenote: Actual total receipts for weeks 1-9; includes interest income and others of $4,466,345 (incl. provincial R&D credit and MQR share sale) and sales tax receipts of $38,736. Forecast for the same period was $2,943,970. · since: March 28, 2020 (nine weeks ended May 30, 2020) · amount: 4505080 · currency: CAD
- report date10 June 2020
- report noSeventh Monitor's Report
- sale outcometext: Sale of MQR shares closed; SISP ongoing with qualified bidders working towards submission deadline · scope: ancillary · status: liquidation_in_progress
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.