Alberta · CCAA
05. Amended Fifth Report of the Monitor
Court officer report · 12 June 2009
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 filing7 verified
- cash on handnote: Rock Well Canada ending cash balance; US Applicants ending cash balance separately was $75,217 as at same date. · as at: 2009-06-05 · amount: 257276 · currency: USD
- financial positionnote: Table also shows FMV Range (going concern) Low $20.1M / High $26.9M total assets vs Total estimated creditors Low $32.9M / High $29.4M, resulting in excess/(shortfall) to unsecured creditors of (12.8) low and (2.5) high; a Preliminary Estimated Orderly Liquidation Value Analysis separately estimates an Estimated Orderly Liquidation Deficiency of (18.7) low / (11.9) high. Asset components: Oil & Gas Properties 14.1, Decommissioning Costs (21.8), Machinery & Equipment 17.9, Land and Buildings 7.3, Office Equipment 1.6. · as at: 2008-12-31 · basis: Book Value per December 31, 2008 Consolidated Audited Financial Statements · scope: Rock Well consolidated (Rock Well Canada and US Applicants) · currency: USD · total assets: 19100000 · total liabilities: 21300000
- operational summaryRock Well continues operating oil and gas assets while pursuing a CCAA Plan and a US exit strategy, selling idle/redundant assets, seeking new financing, and evaluating unsolicited offers to purchase substantial assets.
- professional feesnote: Rock Well Canada professional fees were approximately $32,113 higher than forecast; separately, US Applicants' professional fees actual were $48,755 for the same period, lower than forecast by $36,662. · party: Rock Well Canada professionals (per cash flow variance analysis) · amount: 223447 · period: April 25, 2009 to June 5, 2009 · currency: USD
- recovery outcomeentries: basis: estimated · quote: At this time Rock Well is optimistic that it will be able to pay the unsecured creditors of the US Applicants 100% of their valid claims. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: monitor · class label: unsecured creditors of the US Applicants · interim final: unstated · conditional on: based on the ability to resolve the potential legal argument that the RW Hungary intercompany debt is considered equity, sufficiency of orderly liquidation value, and claims not materially different from Schedules · claims qualifier: unstated · stated on: 2009-06-12 · table missing:
- report date12 June 2009
- report noAmended Fifth Report