British Columbia · CCAA
Proposed Monitor's Report dated November 23, 2022
Court officer report · 23 November 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: Principal only, per creditor summary table. Including accrued interest, combined amount owing to the Secured Creditors (Sundial + Melville) under the Secured Debentures is estimated by the Proposed Monitor to exceed $9,000,000 (floor, word 'exceed'). · page: 12 · as of: 2022-07-13 · amount: 5650000 · debtor: Lightbox Enterprises Ltd. · creditor: George Melville Holdings Ltd. · currency: CAD · security: Secured convertible debenture (Melville Debenture); matured July 13, 2022
- financial positionnote: Asset figure (~$9.5 million, as at July 31, 2022) and liability figure (~$16,987,579, as at approx. NOI Filing Date) are as at different dates and are not directly comparable; liabilities figure excludes accrued interest on the Secured Debentures which, if included, is estimated to exceed $9,000,000 for the secured portion alone. · page: 13 · basis: Unaudited; assets stated at book value per the Company's most recent balance sheet dated July 31, 2022; liabilities estimated by the Proposed Monitor from the list of creditors prepared by Management for the NOI Proceeding (approx. NOI Filing Date, October 27, 2022), excluding accrued interest owing to the Secured Creditors · scope: Lightbox Enterprises Ltd. (entity level; excludes wholly-owned subsidiary Lightbox Licensor Holdings Ltd., which the Monitor understands to be of notional value and does not carry on operations) · currency: CAD · total assets: 9500000 · total liabilities: 16987579
- secured creditorsnote: Principal only, per creditor summary table. Including accrued interest, combined amount owing to the Secured Creditors (Sundial + Melville) under the Secured Debentures is estimated by the Proposed Monitor to exceed $9,000,000 (floor, word 'exceed'). · page: 13 · as of: 2022-10-17 · amount: 3000000 · debtor: Lightbox Enterprises Ltd. · creditor: Sundial Growers Inc. · currency: CAD · security: Secured debenture (Sundial Debenture); demand for payment and s.244(1) BIA notice of intention to enforce security delivered October 17, 2022
- secured creditorsnote: Outstanding sales tax (GST/HST-type) owing to CRA; document lists this amount under 'Unsecured Creditors' in the creditor summary table, but CRA sales-tax indebtedness is typically a deemed-trust class claim ranking ahead of secured creditors; Company still reconciling its tax filings as at report date. · page: 14 · as of: NOI filing date · amount: 160670 · debtor: Lightbox Enterprises Ltd. · creditor: Canada Revenue Agency · currency: CAD