British Columbia · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 30 October 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 filing10 verified
- cash on handnote: Closing cash per the interim statement of receipts and disbursements for July 8 to October 25, 2024; the table header says $000's but the figures are stated in dollars. · as at: 2024-10-25 · amount: 167761 · currency: CAD
- disbursementssince: July 8, 2024 (Receivership Date), to October 25, 2024 · amount: 234727 · currency: CAD
- financial positionnote: Table is in $'000: secured creditors $49,780, unsecured creditors 9,334, total $59,114. No total assets stated; the only value indicator is the $65 million APA purchase price for the Towers (a sale price, not a statement of assets). · as at: 2024-07-08 · basis: Per Company's records, approximately $59.1 million of liabilities as of the Receivership Date · scope: Combined SCREO I Metrotown Inc. and SCREO I Metrotown L.P. (the Debtors) · currency: CAD · total liabilities: 59114000
- operational summaryThe Debtors are special purpose vehicles that own two vacant office towers in Burnaby. The Receiver is preserving and maintaining the Towers, has run a sales process and entered into an APA to sell them to the City of Burnaby for $65 million, with closing subject to court approval.
- professional feesnote: Receiver's fees and disbursements; legal fees and disbursements were 26,013 and professional fees 17,504 in the same table. GST/PST are paid separately (8,315 and 1,746) and are not included in the 55,538 line. · party: Receiver (Alvarez & Marsal Canada Inc.) · amount: 55538 · period: July 8 to October 25, 2024 · currency: CAD
- purchaserprice: note: amount stated is the deposit ($3,250,000), not the total Purchase Price, which is not stated in the visible text · amount: 3250000 · sealed: false · scope: the Purchased Assets · status: proposed · name note: purchaser under the APA; described only as a municipality, not named in the visible text · structure: assets · name source: schedule · relationship: unstated
- receipts cumulativenote: Comprises Receiver's borrowings of 400,000 and rent and other receipts of 2,488, per the interim statement. · since: July 8, 2024 (Receivership Date), to October 25, 2024 · amount: 402488 · currency: CAD
- report date30 October 2024
- report noFirst Report
- sale outcometext: Sales process undertaken by the Receiver, with an APA reached, pending Court approval · scope: whole_business · status: pending_approval