British Columbia · CCAA
Seventh Report of the Monitor (January 29, 2020)
Court officer report · 29 January 2020
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 filing11 verified
- cash on handnote: Closing cash position for the 13-week period ended January 17, 2020, reported in C$000s as 1,440 (actual) against a budget of 51. Includes funds held at both Toronto-Dominion Bank and Royal Bank of Canada. Excludes the 1120 Funds of US$1.43 million and other amounts held in trust by the Monitor. · as at: 2020-01-17 · amount: 1440000 · currency: CAD
- closing confirmedscope: the Acquisition Agreement / substantially all of the assets of Miniso Canada · outcome: completed · effective: 2019-11-15 · purchaser: Miniso Lifestyle Canada Inc. · date basis: stated · approval order date: 2019-11-06; scope: the QC Acquisition Agreement / Quebec Purchased Assets · outcome: completed · effective: 2019-11-15 · purchaser: 9360-3876 Quebec Inc. · date basis: stated · effective time: 12:01 am · approval order date: 2019-11-06; scope: the Peruvian Miniso assets · outcome: not_completed · date basis: unstated
- disbursementsnote: Total actual disbursements for the 13-week period against a budget of $4,764K. Includes $5,183K transferred to Lifestyle and $231K transferred to the Quebec Investor. · since: October 19, 2019 (13-week period ended January 17, 2020) · amount: 10496000 · currency: CAD
- operational summaryAll operations have been closed or acquired by Lifestyle or the QC Purchaser as of November 15, 2019, and all active employees were transferred to them. The Companies now receive no sales receipts of their own; the Monitor controls their bank accounts, settles pre-closing expenses, and remits post-closing card receipts to the purchasers.
- professional feesnote: Actual professional fees of $950K against a budget of $661K (variance $289K), attributed to additional effort by the Monitor and its counsel in preparing and implementing the Acquisition Agreement and the QC Acquisition Agreement. Tax treatment not stated. · party: Monitor and its counsel (CCAA restructuring professional fees) · amount: 950000 · period: 13-week period ended January 17, 2020 · currency: CAD
- purchaserMiniso Lifestyle Canada Inc.; 9360-3876 Quebec Inc.; price: note: US$1.43 million received and held in trust (the 1120 Funds) from the Chile sale; US$2.7 million sent to Canadian counsel to be held in trust for the Peru transaction, which had not closed. · basis: cash · sealed: false · currency: USD · scope: the sale of Miniso Chile / Peruvian Miniso assets / Argentinian assets · status: not_completed · name note: purchaser of the Miniso Chile / South America (Peru, Argentina, Chile) assets, referred to as the SA Purchaser · structure: assets · name source: operative · relationship: unstated
- receipts cumulativenote: Total actual receipts for the 13-week period, including $6,788K of post-closing sales ($6,147K collected on behalf of Lifestyle and the Quebec Purchaser and $641K paid to the Monitor as Closing Cash). Budgeted receipts were $3,630K. · since: October 19, 2019 (13-week period ended January 17, 2020) · amount: 9758000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: With payment of the Withheld Funds, the distribution percentage to Affected Creditors (excluding Convenience Creditors) is 7.35% of the $7.4 million of admitted claims. · pct of: unstated · outcome: distribution · pct low: 7.35 · pct high: 7.35 · class key: unsecured · stated by: monitor · class label: Affected Creditors (excluding Convenience Creditors) · claims amount: 7400000 · interim final: unstated · claims qualifier: listed · table missing:
- report date29 January 2020
- report noSeventh Report
- sale outcometext: The Lifestyle and QC transactions have closed; the South America (Peru/Argentina) transactions remain unclosed and uncertain. · scope: whole_business · status: closed