British Columbia · CCAA
Thirteenth Report of the Monitor (March 24, 2022)
Court officer report · 24 March 2022
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 filing8 verified
- cash on handnote: Closing cash position per the actual column of the cash flow variance table, held in the Monitor's RBC trust account for Braeloch Canada. Separately excluded from this figure and also held in trust: US$1.43 million (the 1120 Funds), $265,000 from the QC Purchaser and $25,000 from Lifestyle. · as at: 2022-03-15 · amount: 187000 · currency: CAD
- closing confirmedscope: certain assets in Chile owned by the Chilean Vendor Entities · outcome: completed · purchaser: Miniso BF Holding S.A.P.I de C.V. · date basis: unstated; scope: the Acquisition Agreement · outcome: completed · purchaser: Miniso Lifestyle Canada Inc. · date basis: unstated · approval order date: 2019-11-06; scope: the QC Acquisition Agreement · outcome: completed · purchaser: 9360-3876 Quebec Inc. · date basis: unstated · approval order date: 2019-11-06
- operational summaryThe Companies' operating business was sold and all active employees transferred to the purchasers on the November 15, 2019 closing, and the Monitor now controls the Companies' funds to settle pre-closing expenses. The CCAA proceedings are described as largely complete, with the Monitor proposing to distribute the 1120 Funds and assign the remaining insolvent entities into bankruptcy.
- professional feesnote: Inclusive of taxes (about $36,000 out-of-pocket disbursements and about $74,000 GST). Monitor's counsel Dentons Canada LLP fees for the same period were $786,872.21 (inclusive of taxes). · party: Alvarez & Marsal Canada Inc. (Monitor) · amount: 1546259.46 · period: 2019-07-12 to 2022-02-28 · currency: CAD
- purchaserMiniso BF Holding S.A.P.I de C.V.; Miniso Lifestyle Canada Inc.; 9360-3876 Quebec Inc.
- recovery outcomeentries: basis: estimated · quote: Based on the results on the claims process, the Monitor concluded that in the event of a distribution by 1120,99.6% of 1120's funds (approximately US$1.42 million) will be distributed to Bright Migu, and 0.4%will be distributed to Braeloch Forty-One. · pct of: unstated · outcome: distribution · pct low: 0.4 · pct high: 0.4 · class key: unsecured · stated by: monitor · class label: Braeloch Forty-One (unsecured creditor claim) · claims amount: 9496 · creditor name: Braeloch Forty-One · interim final: unstated · conditional on: in the event of a distribution by 1120 · claims qualifier: asserted; basis: estimated · quote: Based on the results on the claims process, the Monitor concluded that in the event of a distribution by 1120,99.6% of 1120's funds (approximately US$1.42 million) will be distributed to Bright Migu, and 0.4%will be distributed to Braeloch Forty-One. · pct of: unstated · outcome: distribution · pct low: 99.6 · currency: USD · pct high: 99.6 · stated by: monitor · amount low: 1420000 · amount high: 1420000 · class label: Bright Migu · claims amount: 2315847.17 · creditor name: Bright Migu · interim final: unstated · conditional on: in the event of a distribution by 1120 · currency quote: approximately US$1.42 million · claims qualifier: asserted · table missing:
- report date24 March 2022
- report noThirteenth Report