British Columbia · CCAA
Supplement to the Fifth Report
Court officer report · 12 June 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 filing8 verified
- cash on handnote: Ending Combined Cash Balance for the Fourth Cash Flow Period (ending operating cash balance $104,704, plus net 484 Store funds); the Fifth Cash Flow Forecast projects an ending combined cash balance of $6,140 at August 6, 2023. · as at: 2023-06-11 · amount: 132307 · currency: CAD
- disbursementsnote: Actual disbursements for the Fourth Cash Flow Period, $413,265 below the forecast of $3,976,183. This is a period figure covering the Fourth Cash Flow Period only. · since: March 13, 2023 (Fourth Cash Flow Period, March 13 to June 11, 2023) · amount: 3562919 · currency: CAD
- operational summaryThe Company is operating at a liquidity constraint and has fallen behind on post-filing PST and GST of about $490,535. The 484 Stores were taken over by 484 on May 24, 2023, and the forecast covers only the four stores being purchased by SNDL pending closing of the sale transactions. Secured creditors may now suffer a shortfall.
- professional feesnote: Forecast restructuring/professional fees disbursements, not actuals. Actual restructuring fees paid in the Fourth Cash Flow Period were $169,202 against a forecast of $400,000. Management fees of $33,499 to Donnelly Public Houses Ltd. are forecast separately. · party: Company's counsel, the Monitor and its counsel, plus Success Fee to the Sales Advisor · amount: 100000 · period: June 12 to August 6, 2023 (Fifth Cash Flow Period, forecast) · currency: CAD
- receipts cumulativenote: Actual receipts for the Fourth Cash Flow Period, $436,678 below the forecast of $4,009,265. This is a period figure covering the Fourth Cash Flow Period only. · since: March 13, 2023 (Fourth Cash Flow Period, March 13 to June 11, 2023) · amount: 3572587 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: In light of the Post-Filing Taxes, it is now anticipated that the Secured Creditors may suffer a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-06-12 · table missing:
- report date12 June 2023
- report noSupplemental Report to the Fifth Report