Newfoundland and Labrador · CCAA
Monitor's Fifth Report Dated June 26, 2025
Court officer report · 26 June 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 filing11 verified
- cash on handnote: Closing cash per the cash flow variance report at end of Week 19 (actual cumulative weeks 1-19, since Feb 11, 2025); the report states closing cash as $78,593 against a budgeted $221,014, an unfavourable variance of $142,421. · as at: 2025-06-20 · amount: 78593 · currency: CAD
- closing confirmedscope: the R.S. Journey vessel and associated crab fishing gear · outcome: completed · date basis: unstated · approval order date: 2025-04-14
- disbursementsnote: Actual total cash disbursements weeks 1-19 versus budget of 611,610 (favourable variance 104,700). Net cash flow was (169,311), unfavourable by 142,421. · since: February 11, 2025 (through June 20, 2025, Week 19) · amount: 506910 · currency: CAD
- operational summaryThe Companies continue limited fishing operations (R.S. Journey II continues to fish) while the Monitor's SISP has produced an accepted offer on Lot 3 (no offers for Lot 2). The Companies seek a stay extension to October 3, 2025 to close the sale and refinance or liquidate the remaining operating assets to pay out BMO.
- process resultsbids: 2 · note: Bids received by revised bid deadline of June 17, 2025 for Lot 3; no offers received for Lot 2 · as of: 2025-06-17
- professional feesnote: Actual cash payments on Monitor and Monitor's legal fees in the variance report (budget 173,252); company legal fees paid were a further 48,273. Outstanding as at report date: Monitor approx. $68,000 in invoices plus accrued WIP; Monitor's legal counsel $17,950 plus accrued WIP. Tax treatment not stated. · party: Monitor and Monitor's Legal Fees · amount: 162936 · period: Feb 11 to June 20, 2025 (weeks 1-19), actual cash payments · currency: CAD
- purchaserprice: sealed: false · scope: Lot 3 · status: terminated · name note: Initial Successful Bidder on Lot 3; agreement terminated due to unsatisfied financing condition · structure: assets · name source: recital · relationship: unstated; price: note: Details of the Revised Proposed Transaction, including price, are contained in sealed Confidential Appendix A, not disclosed in this report · sealed: true · scope: Lot 3 · status: proposed · name note: Successful Bidder for Lot 3 under the Revised Proposed Transaction, unnamed in this report · structure: assets · name source: recital · relationship: unstated; price: sealed: false · scope: the R.S. Journey vessel and associated crab fishing gear · status: closed · name note: R.S. Journey vessel purchaser, unnamed in this report · structure: assets · name source: recital · relationship: unstated
- receipts cumulativenote: Actual total cash receipts weeks 1-19 versus budget of 584,720 (variance (247,121)); comprises operational receipts of 249,617 and other receipts of 87,983. · since: February 11, 2025 (through June 20, 2025, Week 19) · amount: 337599 · currency: CAD
- report date26 June 2025
- report noFifth Report
- sale outcometext: Revised Proposed Transaction for Lot 3 pending court approval · scope: parcel · status: pending_approval