British Columbia · CCAA
Fourth Report of the Monitor dated Jan. 13, 2021
Court officer report · 13 January 2021
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 position for the 4-week actual period ended January 1, 2021, per the budget vs actual table ($'000 CAD). · as at: 2021-01-01 · amount: 103000 · currency: CAD
- closing confirmedscope: two pieces of the equipment at the OK Falls Property · outcome: completed · date basis: unstated · approval order date: 2020-12-11
- operational summarySunniva Canada's Canadian operations have ceased (no employees drawing salary since December 2020), with the Petitioners focused on the CCAA restructuring, liquidating residual Canadian assets, and pursuing a Plan and arbitration to potentially restart U.S. cannabis cultivation operations at the California Greenhouse Facility.
- professional feesnote: Total includes retainers of $175,000 and fees/disbursements of $533,000; A&M's own portion was $197,000 (retainer $50,000 + fees/disbursements $147,000). · party: BLG (Petitioners' counsel), A&M (Monitor), and Cassels (Monitor's counsel) · amount: 708000 · period: up to January 1, 2021 · currency: CAD
- purchaserprice: note: for two pieces of equipment, plus GST · basis: cash · amount: 105000 · sealed: false · currency: CAD · scope: residual assets located at the OK Falls Property · status: closed · name note: purchaser(s) of the residual assets at the OK Falls Property sold via private sale by Maynards; unnamed · structure: assets · name source: recital · relationship: unstated
- recovery outcomeentries: basis: plan · quote: all Crown Priority Claims that were outstanding as at the Filing Date shall be paid in full by the Monitor on behalf of the Petitioners, from the Priority Claim Reserve, within six months after the Sanction Order, as required by subsection 6(3) of the CCAA · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: debtor · class label: Crown Priority Claims · interim final: unstated · conditional on: Subject to the Effective Time occurring; paid from the Priority Claim Reserve within six months after the Sanction Order · claims qualifier: unstated; basis: plan · quote: all Employee Priority Claims to the extent unpaid prior to the Effective Date shall be paid by the Monitor, on behalf of the Petitioners, from the Priority Claim Reserve immediately after the Sanction Order as required by subsection 6(5) of the CCAA. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Employee Priority Claims · interim final: unstated · conditional on: Subject to the Effective Time occurring; to the extent unpaid prior to the Effective Date, paid immediately after the Sanction Order · claims qualifier: unstated · stated on: 2021-01-13 · table missing:
- report date13 January 2021
- report noFourth Report
- sale advisorMaynards Industries Canada Ltd.
- sale outcometext: Maynards engaged to liquidate residual assets located at the OK Falls Property via private sale, successful in selling two pieces of equipment · scope: liquidation · status: liquidation_in_progress