Ontario · Bankruptcy
Report of the Trustee to Creditors dated August 12, 2010
Court officer report · 12 August 2010
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 · 3 withheld
- appointeeRSM Richter Inc.
- appointee roletrustee in bankruptcy
- cash on handnote: Figure is the Company's book value of cash as at the date of bankruptcy, per its books and records, not a trustee's actual cash-on-hand statement. · as at: 2010-07-28 · amount: 150000 · currency: CAD · qualifier: approximate book value
- financial positionnote: Components (Approximate Book Value $000s): Cash 150; Accounts Receivable 924; Inventory 721; Fixed Assets 810; total shown as 2,605. Assets are fully encumbered by the Company's secured Guarantee to BMO Harris Trust and Savings Bank for Hyco's debt (~$8.4 million). Company's unsecured obligations total approximately $10.1 million as at date of bankruptcy; realizable value of assets expected to be materially lower than book values. · as at: 2010-07-28 · basis: Book values per the Company's books and records as at the date of bankruptcy; Trustee notes realizable value expected to be materially lower · scope: entity - Ultrametal Inc. (the bankrupt estate) · currency: CAD · total assets: 2605000
- operational summaryUltrametal's manufacturing operations were discontinued in July 2010 and the Trustee is conducting a sale and marketing process for the Company's fixed assets and inventory, aiming to complete liquidation before the Company must vacate its leased premises by September 30, 2010; no going-concern offers were received.
- report date12 August 2010
3 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.