Ontario · NOI
Second Report to Court dated May 22, 2024
Court officer report · 22 May 2024
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: Figures are from the balance sheet summary as at December 31, 2023 in the appended First Report (CAD $000s: total assets 18,902; total liabilities 14,894; shareholder equity 4,008). This is a pre-filing book position, not a position as at the Filing Date (February 21, 2024). · as at: 2023-12-31 · basis: Unaudited financial statements of Igloo (book value), as reproduced in the appended First Report dated March 15, 2024; the Proposal Trustee states its review is not an audit or verification · scope: Igloo Industries Group Ltd. (the Company) only; not the Individuals and not consolidated with NDG North America, LLC · currency: CAD · total assets: 18902000 · total liabilities: 14894000
- operational summaryIgloo's sales and collections fell well short of forecast during the NOI period, leaving it with limited liquidity and deferring some post-filing payments. Having lost faith in a viable proposal, RBC proposed a receivership with a 45-day sale process for the Company's assets (going-concern or liquidation) and a factory-clearance sale, while the Individuals' NOI proceedings continue.
- report date22 May 2024
- report noSecond Report