Alberta · Receivership (court-appointed)
Third Report of the Receiver
Court officer report · 2 May 2022
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What we verified from this filing8 verified
- cash on handnote: Described as funds on hand as of the date of the Third Report, consistent with the SRD ending balance of $3,797 (thousands). · as at: 2022-05-02 · amount: 3800000 · currency: USD · qualifier: approximately
- disbursementsnote: SRD figures stated in thousands; period runs to April 30, 2022. · since: May 28, 2020 (Receivership Date) · amount: 15014000 · currency: USD
- operational summaryThe receivership entities have largely completed the sale or wind-down of the Q'Max Group's foreign operating subsidiaries (Mexico, Colombia, IDEC, Tri-Max), with the Clairmont Property being QCOI's only remaining asset under a pending sale, and are pursuing resolution of the Kuwait JV interest and conclusion of the Chapter 15 proceedings following settlement of the M-I Action.
- professional feesnote: Figure is in thousands per SRD table; other legal fees of $645 (thousands) also listed separately as 'Other legal fees'. · party: Receiver's Counsel · amount: 967000 · period: May 28, 2020 to April 30, 2022 · currency: USD
- receipts cumulativenote: SRD figures stated in thousands; period runs to April 30, 2022. · since: May 28, 2020 (Receivership Date) · amount: 13611000 · currency: USD
- recovery outcomeentries: basis: unstated · quote: there is insufficient funds in the receivership estates to make a distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: While the Receiver expects there to be recoveries to the Lenders in full satisfaction of the Receiver's Borrowing Charge and some recoveries in respect of the Lenders pre-receivership debt, there will be a significant shortfall to the Lenders. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Lenders (secured) · creditor name: Lenders · interim final: unstated · claims qualifier: unstated · stated on: 2022-05-02 · table missing:
- report date2 May 2022
- report noThird Report