Newfoundland and Labrador · CCAA
Monitor’s Eighth Report dated October 22, 2025
Court officer report · 22 October 2025
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 filing8 verified
- cash on handnote: Funds held in trust by the Monitor per the Statement of Receipts and Disbursements. The Companies' own operating closing cash per the variance report is $38,557 at October 10, 2025. · as at: 2025-10-10 · amount: 4073600.19 · currency: CAD
- disbursementsnote: Monitor's trust account total disbursements to October 10, 2025 (advertising, Monitor's fees and Monitor's legal counsel fees); no payments to secured creditors. The Companies' own operating cash disbursements to October 10, 2025 were $960,632. · since: February 10, 2025 · amount: 256803.21 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: tax: label: HST · quote: HST of $39,611.24 · amount: 39611.24 · fees: quote: amount to fees of $258,006.00 · amount: 258006 · approximate: false · disbursements: quote: expenses and administration fees of $20,046.37 · amount: 20046.37 · period: end: 2025-08-31 · kind: invoice · quote: The total fees, of the Monitor for the period of January 2, 2025 to August 31, 2025, amount to fees of $258,006.00, expenses and administration fees of $20,046.37, HST of $39,611.24, and a discount of $3,000.00. · start: 2025-01-02 · approval: state: unstated · averages: rate: 434.75 · quote: at an average hourly rate of approximately $434.75 before expenses, administration fees, and HST · scope: before expenses, administration fees, and HST · currency: · invoices: · firm text: Grant Thornton Limited · firm quote: EIGHTH REPORT OF GRANT THORNTON LIMITED IN ITS CAPACITY AS MONITOR · hours total: quote: A total of 593.45 hours were incurred during this period · value: 593.45 · context quote: EIGHTH REPORT OF GRANT THORNTON LIMITED IN ITS CAPACITY AS MONITOR · discount note: text: a discount of $3,000.00 · quote: and a discount of $3,000.00; form: prose · rows: · money: tax: label: HST · quote: HST of $15,610.84 · amount: 15610.84 · fees: quote: amount to fees of $60,693.00 · amount: 60693 · approximate: false · disbursements: quote: expenses of $649.18 · amount: 649.18 · period: end: 2025-08-31 · kind: invoice · quote: The total fees of the Monitor's legal counsel for the period of January 2, 2025 through August 31, 2025, amount to fees of $60,693.00, expenses of $649.18 and HST of $15,610.84. · start: 2025-01-02 · approval: quote: The Monitor is seeking to have the fees and disbursements of its legal counsel approved by the court for the period of January 2, 2025 through August 31, 2025. · state: sought · averages: rate: 447.91 · quote: at an average hourly rate of $447.91 before expenses and HST · scope: before expenses and HST · currency: · invoices: · firm text: Stewart McKelvey · firm quote: Invoices Issued by Stewart McKelvey · hours total: quote: A total of 135.50 hours were incurred during this period · value: 135.5 · context quote: The Monitor is seeking to have the fees and disbursements of its legal counsel approved by the court for the period of January 2, 2025 through August 31, 2025.
- operational summaryThe Companies continue to operate under a court-approved cash flow forecast, with the R.S. Journey II completing a DFO charter and resuming groundfishing, while pursuing a refinancing to a NewCo or a sale of the Excluded Assets and awaiting DFO approval of the Lot 3 halibut licence transfer.
- professional feesnote: Outstanding (unpaid) fees to August 31, 2025, proposed to be paid from funds in trust. Total fees billed in the period: Monitor $258,006.00 fees, $20,046.37 expenses/admin, $39,611.24 HST, less $3,000 discount; legal counsel $60,693.00 fees, $649.18 expenses, $15,610.84 HST. Separately, unpaid professional fees to September 2025 total $145,988.83 (Monitor $113,722 to Sept 24; Monitor's counsel $32,267 to Sept 30), plus October WIP. · party: Monitor ($90,607.06) and Monitor's legal counsel ($20,391.75) · amount: 110998.81 · period: to August 31, 2025 · currency: CAD
- receipts cumulativenote: Monitor's trust account total receipts to October 10, 2025 (includes sales of assets $2,790,000 and deposit on tender $1,213,750). The Companies' own operating cash receipts to October 10, 2025 were $751,285. · since: February 10, 2025 · amount: 4330403.4 · currency: CAD
- report date21 October 2025
- report noEighth Report