British Columbia · CCAA
Seventh Report of the Monitor
Court officer report · 7 September 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 filing7 verified
- cash on handnote: Cash table shows ending cash of 4 (CAD thousands) actual vs 32 forecast. · as at: 2023-09-03 · amount: 4000 · currency: CAD · qualifier: approximately
- disbursementsnote: Total disbursements of 886 (CAD thousands) actual vs 1,359 forecast; variance (473). · since: commencement of proceedings to September 3, 2023 · amount: 886000 · currency: CAD
- operational summaryThe Company has no operating revenue and minimal physical assets, with only two employees; it is pursuing a sale of 60% of its Wapiti shares to a purchaser under a letter of intent, targeting a binding purchase agreement by September 30, 2023, and seeks a stay extension to November 15, 2023.
- professional feesnote: Actual professional fees disbursed of 677 (CAD thousands) vs 964 forecast. Approximately $154,000 of professional fees are currently outstanding and unpaid. Tax treatment not stated. · party: Company's legal counsel, the Monitor and Monitor's legal counsel (aggregate) · amount: 677000 · period: since commencement of proceedings to September 3, 2023 · currency: CAD
- receipts cumulativenote: Total receipts shown as 0 actual and 0 forecast; the Company has no operating revenue. Funding came from DIP financing ($889 thousand drawn), shown separately from receipts. · since: commencement of proceedings to September 3, 2023 · amount: 0 · currency: CAD
- report date7 September 2023
- report noSeventh Report