British Columbia · CCAA
Third Report of the Monitor dated February 21, 2023
Court officer report · 21 February 2023
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 filing5 verified
- cash on handnote: Actual ending cash balance for the Second Cash Flow Period (Jan 16 - Feb 19, 2023); the forecast states the opening balance at February 20, 2023 is approximately $109,986. · as at: 2023-02-19 · amount: 109986 · currency: CAD
- operational summaryThe Company continues to operate its retail stores in the ordinary course, is selling certain redundant assets and store locations, and is completing a sale and investment solicitation process with a final agreement deadline of February 24, 2023. It is seeking a stay extension to March 24, 2023 and projects sufficient liquidity without interim financing.
- professional feesnote: Actual restructuring fees paid, $36,813 less than the $175,000 forecast; includes $30,379 paid to the Company's Ontario legal counsel for enforcement of the Arbitration Award. Tax treatment not stated. Third Cash Flow Forecast projects a further $150,000 of professional fees for Feb 20 - Mar 24, 2023. · party: Company's restructuring professionals (Monitor, Company counsel, Monitor's counsel) · amount: 138187 · period: January 16, 2023 to February 19, 2023 · currency: CAD
- report date21 February 2023
- report noThird Monitor's Report