Ontario · CCAA
Fifty-Eighth Report of the Monitor, dated July 25, 2024
Court officer report · 25 July 2024
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
- closing confirmedscope: the Residual Farm Land Transaction · outcome: completed · effective: 2024-06-21 · purchaser: DGAP Investments Ltd. · date basis: stated; scope: the Amended SPA Transaction · outcome: completed · purchaser: Stelco Nanticoke Lands Inc. · date basis: unstated
- operational summaryUSSC's remaining affairs concern the Land Vehicle: the Residual Farm Land Transaction and the Amended SPA Transaction have closed, and the Monitor seeks authority to distribute the net SPA proceeds to the LP Vendors subject to reserves ($2.5 million Monitor's Reserve, $1.5 million Commission Holdback, $1.5 million Salaried Reserve), with a commission dispute with C&W outstanding.
- purchaserDGAP Investments Ltd.; Stelco Nanticoke Lands Inc.
- report date25 July 2024
- report noFifty-Eighth Report
- sale advisorCushman & Wakefield
- sale outcometext: Following the issuance of the DGAP Approval and Vesting Order and the Amended SPA Authorization Order, the parties worked expeditiously to resolve outstanding issues and proceed to close both transactions. As described below, both transactions have now closed. · scope: parcel · status: closed