Alberta · NOI
First Report of the Monitor
Court officer report · 16 February 2024
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 filing10 verified
- cash on handnote: Table shows actual ending cash of $1,805,536 for the period ended Feb 9, 2024; text states Mantle is holding approximately $1.8 million in cash on hand. Interim Financing Facility fully drawn at $2.2 million. · as at: 2024-02-09 · amount: 1805536 · currency: CAD
- disbursementsnote: Total operating disbursements actual for the 10-week period vs forecast $732,892; excludes non-operating professional fees of $176,074. · since: December 2, 2023 (10-week period ending Feb 9, 2024) · amount: 781710 · currency: CAD
- operational summaryMantle's production and sale of inventory from the Active Pits has wound down and reclamation work on environmental obligations is paused for winter, expected to restart in spring 2024; operational focus is maximizing cash receipts to satisfy environmental obligations, with remaining reclamation on eight inactive pits estimated at about $600,000 to be completed by end of 2026.
- professional feesnote: Actual disbursement for Monitor and its counsel was $176,074 vs $288,138 forecast; Company counsel actual was nil vs $623,734 forecast, with variances expected to reverse as amounts accrued but not yet paid. Forecast for Feb 10 - Oct 4, 2024: Company counsel approx. $1.2 million, Monitor and counsel approx. $300,000. · party: Proposed Monitor & Counsel · amount: 176074 · period: 10 weeks ended Feb 9, 2024 (actual) · currency: CAD
- purchaserArrow-West Holdings Ltd.; County of St. Paul 19; PEA Holdings Incorporated
- receipts cumulativenote: Actual operating receipts for the 10-week period vs forecast $1,515,601; period figure from the report's variance table, not an estate-lifetime cumulative total. · since: December 2, 2023 (10-week period ending Feb 9, 2024) · amount: 997276 · currency: CAD
- report date16 February 2024
- report noFirst Report
- sale advisorRitchie Bros. Auctioneers
- sale outcometext: Multiple transaction agreements pending court approval, with a sale solicitation process having concluded and offers selected · scope: whole_business · status: pending_approval