British Columbia · NOI
Report of the Trustee's Preliminary Administration
Court officer report · 11 December 2020
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What we verified from this filing9 verified · 1 withheld
- cash on handnote: Represents the remaining balance of the cash purchase price from the Sale Transaction (Remaining Cash Proceeds). · amount: 120000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Purchased Assets · outcome: completed · effective: 2020-11-19 · purchaser: the Purchaser · date basis: stated · approval order date: 2020-09-03
- operational summaryFeronia sold substantially all of its assets under the Sale Transaction prior to bankruptcy, has no employees, and its subsequent bankruptcy administration is limited to winding up the estate and pursuing potential HST refunds.
- process resultsbids: 1 · note: Only one bid, from KKM, emerged in the Sale Process · qualified bids: 1
- professional feesnote: Inclusive of HST; described as 'Unpaid Restructuring Costs' secured by an Administration Charge not exceeding $400,000. · party: Proposal Trustee, Dentons Canada LLP (counsel to Proposal Trustee), and Aird & Berlis LLP (counsel to Feronia) — NOI proceedings · amount: 154958 · period: as of November 25, 2020 · currency: CAD
- purchaserFeronia KNM
- recovery outcomeentries: basis: estimated · quote: As described earlier, the estate has a shortfall of approximately $35,000 in satisfying the Unpaid Restructuring Costs, which are secured by the Administration Charge. · pct of: unstated · outcome: shortfall · class key: court_charges · stated by: trustee · class label: Unpaid Restructuring Costs (secured by the Administration Charge) · interim final: unstated · claims qualifier: unstated · shortfall amount: 35000 · table missing:
- sale advisorErnst & Young Corporate Finance (Canada) Inc.; Ernst & Young Orenda Corporate Finance Inc.
- sale outcometext: Sale Transaction completed prior to bankruptcy, selling substantially all assets · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.