British Columbia · Receivership (court-appointed)
Trustee's Preliminary Report to Creditors
Court officer report · 21 May 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 filing4 verified
- financial positionnote: No total assets or total liabilities stated. Report states: "there is a deficiency to the Company's creditors of at least $272 million." Province claim $13.5 million as at date of bankruptcy (also stated as $13.4 million); Fulida mortgages face values CAD $100 million, CAD $50 million and USD $60 million (validity and amounts secured not verified by Trustee). · as at: 2020-04-14 · basis: Statement of Affairs; the Trustee has not determined the underlying value of the mill assets and real property · scope: Neucel Specialty Cellulose Ltd. (single entity) · currency: CAD
- operational summaryThe Company has not operated since a curtailment announced in February 2015; the remaining care and maintenance crew vacated the Mill on February 27, 2019, and the Province has since carried out spill response and security at the site.
- recovery outcomeentries: basis: unstated · quote: However, given the large amounts owing to the Province as well as the significant future costs to be incurred in addressing the existing environmental issues, there is no prospect of any recovery to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2020-05-15 · table missing:
- report date21 May 2020