Ontario · CCAA
Second Report of the Monitor dated May 10, 2023
Court officer report · 10 May 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: Higher than forecast primarily due to a favourable timing difference. Ending cash balance excludes approximately $2.2M of escrow funds held by the Monitor. · as at: 2023-04-30 · amount: 852000 · currency: CAD · qualifier: approximately
- disbursementsnote: Total Disbursements per variance analysis (actual), reported in $CDN thousands as 2,091; forecast was 2,454. Includes restructuring costs of 312. · since: April 10, 2023 (cumulative to April 30, 2023) · amount: 2091000 · currency: CAD
- operational summaryThe Applicants are conducting an orderly wind-down while exploring other restructuring options, having shipped about 8,209 kg of cannabis inventory in bulk sales, downsized greenhouse operations at Pelham, and prepared equipment auctions and a real estate listing. They employ approximately 78 employees, with approximately 169 having been terminated or quit since filing.
- process resultsnote: three real estate brokers solicited for Pelham Premises listing · as of: 2023-05-10 · solicited: 3
- purchaserPinnrz Inc.; price: note: purchase price below the $500,000 threshold required under the Initial Order for Court approval · basis: cash · amount: 500000 · sealed: false · currency: CAD · scope: specific equipment located at the Langstaff Premises and the Pelham Premises · status: approved · name note: purchaser of the equipment offer related to lab equipment, unnamed · structure: assets · name source: recital · relationship: unstated
- receipts cumulativenote: Total Receipts per variance analysis (actual), reported in $CDN thousands as 1,049; forecast was 769. · since: April 10, 2023 (cumulative to April 30, 2023) · amount: 1049000 · currency: CAD
- report date10 May 2023
- report noSecond Report of the Monitor
- sale advisorCBRE Limited; Infinity Asset Solutions Inc. and Long Drive Inc.
- sale outcometext: The Applicants are engaged in a liquidation solicitation process for equipment and a marketing process for the Pelham Premises · scope: ancillary · status: liquidation_in_progress