Ontario · CCAA
Fifty Sixth Report of the Monitor dated June 21, 2023
Court officer report · 21 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: Land Vehicle cash. The $1,007,197 figure is the Land Vehicle's actual ending cash at the end of the actual period to June 5, 2023, and is also the opening cash for the forecast starting Jun 6, 2023. The report states the Land Vehicle is expected to run out of cash by end of July 2023 if the Securities Purchase Agreement does not close. · as at: 2023-06-05 · amount: 1007197 · currency: CAD
- closing confirmedscope: the Securities Purchase Agreement · outcome: not_completed · purchaser: Stelco · date basis: unstated · approval order date: 2023-05-05
- operational summaryThe Land Vehicle holds residual lands and receives minor lease income while incurring significant professional costs tied to the Stelco-DGAP dispute. It is awaiting closing of the Securities Purchase Agreement and may need a credit facility if closing is delayed.
- professional feesnote: Forecast (not incurred) consultant and professional fees at $350,000 per month over seven months; includes a rough estimate for the ongoing Stelco-DGAP dispute. The order also provides for an $8.5 million Monitor's Reserve. · party: EY (Monitor/LRO) and Bennett Jones (counsel), plus tax return and audit professional fees · amount: 2450000 · period: Forecast June 6, 2023 to December 31, 2023 · currency: CAD
- purchaserStelco; DGAP
- report date21 June 2023
- report noFifty-Sixth Report
- sale outcometext: the Securities Purchase Agreement was approved but has not yet closed · scope: whole_business · status: pending_approval