Ontario · CCAA
Second Report of the Monitor .pdf
Court officer report · 27 November 2019
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 bank cash balance - Tranche B at end of the Reporting Period (Nov 4-15, 2019), against a forecast of $4,752,950; includes $1,650,000 of DIP drawdown. · as at: 2019-11-15 · amount: 2326941 · currency: USD
- disbursementsnote: Total outflow against a forecast of $7,261,737. · since: Reporting Period, November 4 to November 15, 2019 (since the Initial Order) · amount: 3454287 · currency: USD
- operational summaryThe Applicants continue to operate in the normal course while implementing the Saga Arrangement, transitioning kit loans and pelts to Saga, returning consigned goods, and listing their real properties for sale (Carlingview sale pending approval), with staffing being reduced as activity declines.
- process resultsbids: 3 · note: Carlingview marketing process: eight potential purchasers toured, three offers received initially
- professional feesnote: Forecast was approximately $1.1 million; shortfall attributed to delay in professionals rendering accounts. Report does not state whether tax is included. · party: Applicants' professional fees paid (all professionals) · amount: 179229 · period: Reporting Period (November 4 to November 15, 2019) · currency: USD
- purchaserLange Group of Companies Ltd.; price: sealed: false · scope: the Wisconsin Properties · status: proposed · name note: purchaser of the Wisconsin Properties not yet identified; sale process contemplated · structure: real_property · name source: operative · relationship: unstated; price: sealed: false · scope: the Polish Property · status: proposed · name note: purchaser of the Polish Property not yet identified; listing broker engaged · structure: real_property · name source: operative · relationship: unstated
- receipts cumulativenote: Total inflow comprising buyer receipts of $221,404, SAGA LOI receipts of $3,433,719 and other of $42,497; forecast was $9,681,620. · since: Reporting Period, November 4 to November 15, 2019 (since the Initial Order) · amount: 3697619 · currency: USD
- report date27 November 2019
- report noSecond Report
- sale advisorCBRE
- sale outcometext: Carlingview Transaction pending Court approval and financing condition to be satisfied prior to closing · scope: parcel · status: pending_approval