Alberta · Receivership (court-appointed)
Fourth Report of the Receiver
Court officer report · 13 April 2022
What we verified from this filing11 verified
- closing confirmedscope: the Metro Paving land and building located at 7615 40 St NE, Calgary, Alberta · outcome: completed · purchaser: Scorpio Masonry (Northern) Inc. · date basis: unstated · approval order date: 2021-06-30
- disbursementsnote: Approximate figure, net of Metro Roadbuilding's funding through Receiver's Certificate borrowings required by Grasslands, to March 31, 2022. · since: Date of Appointment (January 20, 2021) · amount: 7100000 · currency: CAD
- financial positionnote: No consolidated total assets/liabilities stated. Secured debt as at Date of Appointment per books and records: Metro Roadbuilding indebted to BMO ~$4.1 million; Metro Paving indebted to BMO ~$2.7 million; Grasslands indebted to BMO ~$301,000. · basis: unaudited financial information, the Companies' books and records · scope: Metro Paving and Roadbuilding Ltd., Metro Paving Ltd., Metro Pars Corporation and Grasslands of Beiseker Development Corporation (combined) · currency: CAD
- operational summaryThe receivership is winding down remaining real estate and investment assets (Grasslands, SouthCal, Pine Ridge), collecting outstanding accounts receivable and gravel inventory proceeds, resolving priority/mortgage disputes, and preparing to make an interim distribution to the secured lender BMO.
- professional feesnote: Excludes GST; fees $227,371.75 plus disbursements $3,161.78; not yet approved by Court. Cassels (Receiver's counsel) fees for same period were $400,691.82 plus disbursements $5,305.86, totaling $405,997.68 (excluding GST). · party: Receiver (BDO Canada Limited) · amount: 230533.53 · period: March 1, 2021 to March 31, 2022 · currency: CAD
- purchaserScorpio Masonry (Northern) Inc.; Peregrine Demolition & Construction Ltd.; Statesman H.C. Ltd.
- receipts cumulativenote: Approximate figure, net of Receiver's Borrowings, to March 31, 2022, combined basis for all Metro Entities. · since: Date of Appointment (January 20, 2021) · amount: 7700000 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Receiver recommends that a total of approximately $1,500,000 is paid from the net proceeds of the Statesman Transaction and other realizations to date (' Interim Distribution '). · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1500000 · amount high: 1500000 · class label: Bank of Montreal (Lender) · creditor name: Bank of Montreal · interim final: interim · claims qualifier: unstated; basis: estimated · quote: Based on the Property realizations to date (inclusive of potential sale transactions outlined in this Fourth Report pending Court Approval) and the remaining assets for the Receiver to monetize, namely the Trevcon Contract Receivable, Hussar Property and Sundre Property, it is unlikely there will be any amounts available for distribution to the unsecured creditors of the Metro Entities. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors of the Metro Entities · interim final: unstated · claims qualifier: unstated · stated on: 2022-04-13 · table missing: The detailed interim distribution charts have only been included in the Confidential Supplement due to the purchase price amounts associated with the Grasslands PSA and Statesmen PSA, respectively.
- report date13 April 2022
- report noFourth Report
- sale advisorJones Lang LaSalle Estate Services Inc.; John Corcoran of Royal Lepage Mission; Corporate Assets Inc.