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FirstOnSite Restoration G.P. - Reports

The following reports have been filed in the proceedings:

 Fifth Report of the Monitor January 19, 2017
The Fifth Report of the Monitor informs the Court on the following:
(a) A summary of the Monitor's activities to date;
(b) the completion of certain post-closing matters, including the resolution of certain remaining working capital adjustment matters and the satisfaction of Potential Trust Claims (as defined below) pursuant to the APA;
(c) the resolution of the objection raised by BDC Capital Inc. ("BDC Capital") as lender under a letter offer of credit entered into on November 25, 2014 (the "Pre-Filing BDC Capital Loan") to the payment of certain employee bonus amounts (the "BDC Capital Objection");
(d) the review and satisfaction of Lien Claims;
(e) the review and resolution to date of claims submitted pursuant to the limited claims process (the "Claims Process") approved by the Court pursuant to the Claims Bar and Stay Extension Order granted on October 28, 2016 (the "Claims Order");
(f) the Applicant's request for an extension of the stay of proceedings granted under the Initial Order (the "Stay Extension") and the termination of the CCAA Proceedings; and
(g) the request for approval of the Monitor's and its counsel's fees and disbursements in the CCAA Proceedings and approval of this Report and the activities of the Monitor described therein.
 
 Fourth Report of the Monitor October 24th, 2016
The Fourth Report of the Monitor informs the Court on the following:
(a) A summary of the Monitor's activities to date;
(b) the appointment of Oriole Advisors Ltd. as Chief Restructuring Officer over FirstOnSite;
(c) the completion of certain post-closing matters to date, including, among other things, the resolution of working capital adjustment matters pursuant to the APA;
(d) the review of Lien Claims to date;
(e) the objection raised by BDC Capital Inc. as lender under a letter offer of credit entered into on November 25, 2014 to the payment of certain employee bonus amounts;
(f) certain distributions made from the proceeds of the Transaction;
(g) the Applicant's request for approval of a limited process to identify any remaining potential trust claims or Post-Filing/Pre-Closing Claims; and
(h) the Applicant's request for an extension of the stay of proceedings granted under the Initial Order to January 27, 2017.
 
 Third Report of the Monitor June 22, 2016
The Third Report of the Monitor informs the Court on the following:
(a) A summary of the Monitor's activities to date;
(b) The resolution of the Purchaser's motion seeking directions in connection with certain cure costs under the APA (the "Cure Costs Motion");
(c) The completion of the Transaction and certain post-closing matters to date;
(d) The proposed appointment of a chief restructuring officer for FirstOnSite (the "CRO");
(e) Certain distributions made from the proceeds of the Transaction (the "Sale Proceeds");
(f) The objection raised by BDC Capital Inc. ("BDC Capital") as lender under a letter offer of credit entered into on November 25, 2014 (the "Pre-Filing BDC Capital Loan") to the payment of certain employee bonus amounts;
(g) The Applicant's request for an extension of the stay of proceedings granted under the Initial Order to October 31, 2016 (the "Stay Extension"); and
(h) the request for approval of the Monitor's and its counsel's fees and disbursements in the CCAA Proceedings, and approval of the Monitor's Reports (as defined below) and the activities of the Monitor described therein.
 
 Supplemental Report to the Second Report of the Monitor May 16, 2016
The Supplemental Report to the Second Report of the Monitor informs the Court on the following:
a) a summary of the Monitor’s activities to date;
b) the Companies’ receipts and disbursements for the period from April 21, 2016 through May 6, 2016;
c) the Companies’ updated cash flow forecast;
d) the Applicant’s request for an order, inter alia, assigning the rights and obligations of FirstOnSite under certain agreements to the Purchaser (the “Assignment Order”);
e) the Applicant’s request for an order, inter alia, authorizing the Monitor to make certain distributions from the net proceeds of the Transaction and other funds that may be transferred by the Companies to the Monitor following completion of the Transaction (the “Distribution Order”);
f) the results of the Monitor’s counsel’s review of the security granted by FirstOnSite in favour of Wells Fargo Capital Finance Corporation Canada (“Wells Fargo”) as agent under FirstOnSite’s pre-filing senior secured asset-backed loan facility (the “Pre-Filing ABL Facility”), Business Development Bank of Canada (“BDC”) as lender under the letter offer of credit entered into on November 25, 2014 (the “Pre- Filing BDC Loan”), and BDC Capital Inc. (“BDC Capital”) as lender under the letter offer of credit entered into on November 25, 2014 (the “Pre-Filing BDC Capital Loan”);
g) an update on lien claims being asserted in connection with FirstOnSite pursuant to the process set out in the Initial Order; and
h) the Applicant’s request for an extension of the stay of proceedings granted under the Initial Order to June 24, 2016 (the “Stay Extension”).
 
 Second Report of the Monitor May 4, 2016
The Second Report of the Monitor informs the Court on the following:
(a) the Companies' receipts and disbursements for the period from April 21, 2016 to April 29, 2016;
(b) the Applicant's request for an order, inter alia, (i) approving the transaction contemplated by the agreement of purchase and sale dated April 20, 2016 (the "APA") between FirstOnSite LP (by its general partner FirstOnSite GP) and 3297167 Nova Scotia Limited (the "Purchaser") pursuant to which the Purchaser has agreed to acquire substantially all of the assets and the business of FirstOnSite (the "Proposed Transaction"), and (ii) vesting in the Purchaser all of FirstOnSite's right, title and interest in and to the Purchased Assets (as defined in the APA) free and clear of all encumbrances other than permitted encumbrances;
(c) the Applicant's request for certain ancillary relief relating to the Proposed Transaction; and
(d) the Applicant's request for an extension of the stay of proceedings granted under the Initial Order (the "Stay Extension").
 
 First Report of the Monitor April 27, 2016
The First Report of the Monitor informs the Court on the following;
(a) a summary of FTI's activities since the commencement of the CCAA Proceedings;
(b) an overview of the Applicant's activities since the commencement of the CCAA Proceedings;
(c) parties asserting lien claims in connection with FirstOnSite; and
(d) the super-priority of the Court-ordered charges being sought by the Applicant
 
 Pre-Filing Report of the Proposed Monitor April 21, 2016
Pre-Filing Report of the Proposed Monitor ("Pre-Filing Report") in respect of an application seeking an order providing, inter alia, a stay of proceedings in respect of FirstOnSite G.P. Inc., extended to FirstOnSite Restoration L.P., (together as "FirstOnSite") until May 20, 2016. The Pre-Filing Report includes:
(a) the qualifications of FTI Consulting to act as Monitor (if appointed);
(b) the state of the business and affairs of FirstOnSite and the causes of its insolvency;
(c) FirstOnSite’s restructuring efforts to date;
(d) a summary of FTI Consulting’s activities to date;
(e) the stay of proceedings and extension of relief under the Proposed Initial Order to FirstOnSite LP;
(f) FirstOnSite’s cash management system;
(g) the funding of the CCAA Proceedings, including an overview of FirstOnSite’s weekly cash flow forecast to June 10, 2016 and proposed debtor-in-possession (“DIP”) financing;
(h) the proposed funding of FirstOnSite’s non-Applicant subsidiary, FirstOnSite Restoration, Inc. (“FOS US”) during the course of the CCAA Proceedings;
(i) the proposed payments of certain pre-filing amounts;
(j) potential statutory priority in respect of certain claims;
(k) the proposed treatment of potential lien claims;
(l) certain employee bonus matters;
(m) the approval of the retention of FirstOnSite’s financial advisor and its engagement letter;
(n) the approval of key employee retention plans; and
(o) the requested Court-ordered charges.
 

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