Ontario · CCAA
Twelfth Report of the Monitor dated April 7, 2025
Court officer report · 7 April 2025
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What we verified from this filing6 verified
- closing confirmedscope: 316 credit bid transactions · outcome: completed · effective: 2024-12-17 · date basis: stated · approval order date: 2024-12-06; scope: one of the five additional credit bid transactions · outcome: completed · effective: 2025-03-04 · date basis: stated · approval order date: 2025-02-27; scope: remaining four of the five additional credit bid transactions · outcome: completed · effective: 2025-04-01 · date basis: stated · approval order date: 2025-02-27; scope: two credit bid transactions that did not close · outcome: not_completed · date basis: unstated
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2025-08-31 · kind: invoice · label: the Period · quote: For the Period Ending August 31, 2025 · approval: state: unstated · averages: rate: 518.06 · quote: the Monitor's average hourly rate for the Period was $518.06 · scope: the Monitor's average hourly rate for the Period · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. was appointed monitor of the Applicants (in such capacity, the 'Monitor'). · context quote: in such capacity, the 'Monitor'; form: prose · rows: · money: approximate: false · period: end: 2025-03-31 · kind: invoice · quote: for the period February 1, 2025 to March 31, 2025 · start: 2025-02-01 · approval: state: unstated · averages: rate: 947.87 · quote: The average hourly rate charged by Cassels was $947.87. · scope: Cassels · currency: · invoices: · firm text: Cassels · firm quote: During the period from February 1, 2025 to March 31, 2025, Cassels incurred fees and disbursements, including Harmonized Sales Tax ('HST'), in the amount of $106,056.15. · context quote: During the period from February 1, 2025 to March 31, 2025, Cassels incurred fees and disbursements, including Harmonized Sales Tax ('HST'), in the amount of $106,056.15. · firm unverified: true · context unverified: true
- process resultsbids: 323 · lois: 12 · note: SISP generated 12 LOIs and 323 credit bids representing approximately 79% of the then portfolio · as of: 2024-09-30
- purchaserprice: note: credit bid transactions; amounts based on Credit Bid APAs · basis: credit_bid · sealed: false · currency: CAD · scope: 321 credit bid transactions (Closed Credit Bid Properties) · status: closed · name note: credit bidding mortgagees under Omnibus Credit Bid Vesting Order; unnamed individually · structure: auction · name source: recital · relationship: secured_lender_credit_bid; price: basis: credit_bid · sealed: false · scope: two credit bid transactions that did not close · status: not_completed · name note: two credit bidding mortgagees who failed to pay their DIP Allocation · structure: auction · name source: recital · relationship: secured_lender_credit_bid; price: basis: credit_bid · sealed: false · scope: 106 Croatia Ave, Timmins · status: proposed · name note: first mortgagee of 106 Croatia Ave, Timmins, sought approval to complete credit bid · structure: auction · name source: recital · relationship: secured_lender_credit_bid; price: note: aggregate DIP to be repaid if completed totals approximately $733,000 · basis: credit_bid · sealed: false · scope: 12 Properties subject to secondary credit bids · status: proposed · name note: 12 secondary credit bidding first mortgagees of Remaining Properties · structure: auction · name source: recital · relationship: secured_lender_credit_bid
- sale advisorHowards Capital Corp.; CBRE Limited; Valery Realty Inc.; John E. Smith Realty; Royal LePAGE Best Choice Realty Ltd.; Zieminski Real Estate Brokerage; Royal LePage
- sale outcometext: SISP concluded with credit bid process and orderly liquidation of remaining portfolio · scope: whole_business · status: liquidation_in_progress