British Columbia · CCAA
Second Monitor's Report dated January 16, 2023
Court officer report · 16 January 2023
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: Actual ending cash balance for the period November 28, 2022 to January 15, 2023; also stated as the opening balance of the Second Cash Flow Forecast at January 16, 2023. · as at: 2023-01-15 · amount: 142530 · currency: CAD
- disbursementsnote: Actual total disbursements for the stated period, compared to projection of $2,424,191. · since: November 28, 2022 (to January 15, 2023) · amount: 2383915 · currency: CAD
- operational summaryThe Company continues to operate its cannabis retail business in the ordinary course under CCAA protection while the SISP advances, with positive cash flow forecast and sufficient liquidity through the forecast period without interim financing.
- process resultslois: 14 · note: 26 parties qualified as Potential Bidders; 14 LOIs received prior to LOI Deadline · as of: 2023-01-13 · solicited: 230 · qualified bids: 26
- professional feesnote: Actual restructuring fee disbursements versus $162,500 forecast, described as lower due to temporary timing differences; Second Cash Flow Forecast projects a further $200,000 of professional fees for January 16 to February 26, 2023. Tax treatment not stated. · party: Restructuring fees paid (Company's counsel, the Monitor and their counsel) · amount: 54281 · period: November 28, 2022 to January 15, 2023 · currency: CAD
- receipts cumulativenote: Actual receipts for the stated period, compared to projection of $2,344,062; not cumulative from the NOI Filing Date. · since: November 28, 2022 (to January 15, 2023) · amount: 2401210 · currency: CAD
- report date16 January 2023
- report noSecond Monitor's Report
- sale advisorKronos Capital Partners Inc.
- sale outcometext: SISP ongoing, 14 LOIs received prior to LOI Deadline, expected to proceed to Phase 2 · scope: whole_business · status: liquidation_in_progress