Ontario · CCAA
Second Report of the Monitor
Court officer report · 16 May 2025
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
- operational summaryMost employees have ceased working due to liquidity constraints and very few remain. The Applicants have resumed limited operations with key customers and are selling redundant equipment and listing real properties, with a CRO engaged to provide operational support.
- professional feesnote: Forecast figure, not incurred fees. Separately, the CRO's engagement provides a monthly fee of $25,000 plus applicable taxes including HST. The report also notes a favourable variance of approximately $373,000 in professional fees for the prior 8-week period, primarily due to timing. · party: Monitor, Monitor's Counsel, CRO (if approved), Applicants' Counsel, and DIP Lender's Counsel · amount: 760000 · period: 12-week Revised Cash Flow Period ending August 3, 2025 · currency: CAD
- report date16 May 2025
- report noSecond Report of the Monitor
- sale advisorAvison Young (Canada) Inc.; Steinberg Advisory Corp.
- sale outcometext: Equipment Sale Process and real property listing process underway; offers received on two Listed Real Properties being negotiated · scope: ancillary · status: liquidation_in_progress