Quebec · CCAA
Fifteenth Report to the Court submitted by Deloitte Restructuring Inc. in its Capacity as Monitor dated November 22, 2024
Court officer report · 22 November 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 filing6 verified
- cash on handnote: Net cash balance of the Xebec Group per the combined Actual Cash Flow (Appendix B), $1.4M higher than budgeted. Separately, the Proceeds trust account bank balance was $164K as of Nov 16, 2024 ($135K net of outstanding cheques), and a EUR trust account held $21K. · as at: 2024-11-18 · amount: 1684000 · currency: CAD
- operational summaryThe CCAA proceedings have moved from restructuring to wind-down: the Plans have been implemented and a first distribution made. The remaining work is dissolving the last Canadian and U.S. entities, collecting sales tax refunds (about $265K outstanding), pursuing BLA's claims in the Inmatec German insolvency, and seeking a stay extension for BLA to June 20, 2025.
- professional feesnote: Actual disbursement of $862K against a budget of $1,058K; a further $63K of professional fees in the EUR trust account relates to the dissolution of Inmatec UAE. Whether the figures exclude tax is not stated. · party: Professional fees (Monitor, financial advisors and legal services) paid, combined operational and administrative reserves · amount: 862000 · period: March 17 to November 18, 2024 · currency: CAD
- recovery outcomeentries: basis: actual · quote: A first distribution was issued on March 20, 2024, and approximately 240 distribution cheques were sent to the Affected Creditors, to their addresses on file. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · cumulative: false · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: the Company has informed the Monitor that, based on information obtained from its counsel in Italy, it was uncertain whether there will be any distribution in the bankruptcy of Xebec Italy, including in respect of the Company's claim which was accepted by the trustee. · pct of: unstated · outcome: undetermined · stated by: monitor · class label: Xebec Italy claim (BLA's claim in the bankruptcy of Xebec Italy) · creditor name: BLA · interim final: unstated · claims qualifier: unstated · stated on: 2024-11-22 · table missing:
- report date22 November 2024
- report noFifteenth Report