CEF/DIL: 36th Monitor Report Posted

The “eyes and ears” of the court for a CCAA proceeding is Deloitte and they have a web page where they track their progress as the ABC District situation is being worked through.  On Oct 1, 2018 they posted their 36th report to update where things are.

In summary:

• The Sage Application to resolve the utilities issue has been adjourned while they discuss things with condo owners group.
• The question of the parsonage lot being common property has been dealt with by the courts and the sale of the lot can now proceed.
• They also included a status of the various plans – specifically:

Status of the Applicants’ Plans
16. The following is a summary of the status of the Applicants’ Plans.

The District Plan
17. The District is continuing its efforts to realize on its interest in approximately 4.08 acres of land in the community of Tuscany in Northwest Calgary (the “Tuscany Lands”). The Tuscany Lands are being marketed by Colliers International (“Colliers”). In May 2018, the list price was reduced from $4.0 million to $3.3 million to reflect challenges surrounding the property’s specific location and specialized zoning requirements.

18. Upon the sale of the Tuscany Lands, a final distribution will be made to the District’s creditors pursuant to the District Plan.

The DIL Plan
19. As previously reported, a final distribution was released to DIL Depositors in March 2018. In early July 2018, DIL continued to hold Registered Retirement Income Funds (“RRIFs”) for approximately ten individuals. DIL has been actively pursuing transfer instructions with respect to the RRIFs (the “RRIF Transfers”). Once the RRIF Transfers have been processed and DIL’s bank account has been closed, the Monitor will issue the Certificate evidencing that the DIL Plan has been completed.

The ECHS Plan
20. The sale of the Parsonage Lot has been completed. The Applicants are in the process of paying the final operating expenses for ECHS following which the bank account will be closed and the Certificate for ECHS can be issued.

The EMSS Plan
21. As previously reported, EMSS’ CCAA proceedings are complete. The Applicants are in the process of paying the final operating expenses for EMSS. The Certificate for EMSS will be issued upon EMSS’ bank account being closed and upon completion of the Sequence of Events set out in Section 7.1 of the District Plan.

The report then reports the ASC action, various financial reports, followed by the full text of the ASC Notice of Hearing.