CEF/DIL: Monitor Update Dec 21, 2017

The CCAA Monitor maintains a website which tracks all the various activities that take place during the bankruptcy process and there’s a “Last Updated” listing at the bottom of the page which indicates when something was added to the site. What it doesn’t tell the reader is what was updated. Sometimes what’s new is obvious, other times it’s not – and when it’s not clear what changed then some detective work is required.

detective-magnifying-glass

In the case of the Dec 21, 2017 update there’s no clear indication what was changed – the only change I can find is in the header of the page which discusses why the next DIL distribution will take place in late Dec 2017 / early Jan 2018.

As discussed in the Thirty-Third Report of the Monitor dated November 30, 2017 (the “Thirty-Third Report”), the District was intending to make a further cash distribution to creditors of the District by December 31, 2017 (the “District Distribution”).   The release of the District Distribution was contingent on the FLC Settlement (as defined in the Thirty-Third Report) being completed.  The FLC Settlement was contingent on the receipt by the District of an executed Access Road Agreement (also as defined in the Thirty-Third Report) from the City of Calgary.  As a result of a delay in the City of Calgary providing the Access Road Agreement, the District now anticipates that the FLC Settlement will be completed in late December 2017 or early January 2018 with the District Distribution being released shortly thereafter.  Once the District Distribution has been released, creditors of the District can anticipate receiving correspondence from the Monitor in that regard.

If someone finds any other changes – let me know and I’ll report it here.


Update 2017-12-30: FLC is Foothills Lutheran Church–Calgary and the property in question was intended for a mission project in Northwest Calgary.


Image Credit: MayBUSCH

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