Alberta · CCAA
Monitor's Thirty-Sixth Report
Court officer report · 26 July 2018
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 filing6 verified
- cash on handnote: Composed of about $458,300 in BMO accounts, bonds of about $42,500 (as at March 31, 2018) with FI Capital and an investment of about $125,600 (as at May 31, 2018) with Richardson GMP. Includes District Cash of about $487,600 (mission remittances and restricted donations) not available to creditors under the District Plan. Projected ending balance at October 6, 2018 is $1,033,279. · amount: 626397 · currency: CAD · qualifier: approximately; opening cash balance for the forecast period, including bank cash, bonds and an investment; projected ending balance is about $1.0 million
- operational summaryThe District is winding down under the CCAA, working to sell the Tuscany Lands for a final creditor distribution. DIL's final distribution has been made and its Certificate awaits RRIF transfers, and the ECHS and EMSS Certificates await final expense payments and bank account closures. The District has only one remaining employee and no CEF employees.
- professional feesnote: Forecast (not actual) disbursement. Separately, CRO fees of about $15,800 are forecast. During the variance period (April 8 to July 7, 2018) actual restructuring fees were $242,487 vs $196,475 forecast; the Monitor attributes the $46,000 overage to payment of invoices going back to December 2017. Tax treatment is not stated (the cash flow notes say amounts include applicable GST). · party: Monitor, Monitor's legal counsel, the District's legal counsel and legal counsel for the District's creditors' committee · amount: 90000 · period: 13-week forecast period ending October 6, 2018 · currency: CAD
- recovery outcomeentries: basis: actual · quote: As previously reported, a final distribution was released to DIL Depositors in March 2018. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · class label: DIL Depositors · interim final: final · claims qualifier: unstated; basis: plan · quote: Upon the sale of the Tuscany Lands, a final distribution will be made to the District's creditors pursuant to the District Plan. · pct of: unstated · outcome: distribution · stated by: monitor · class label: the District's creditors · interim final: final · conditional on: Upon the sale of the Tuscany Lands · claims qualifier: unstated · stated on: 2018-07-26 · table missing:
- report date26 July 2018
- report noThirty-Sixth Report of the Monitor