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Payless Canada - Reports

The following reports have been filed in the proceedings:

 Fourth Report of the Monitor May 29, 2019
The purpose of the Fourth Report of the Monitor is to provide the Court with the Monitor's comments and/or recommendations regarding the following:
A) an update in respect of the Claims Procedure and Claims;
B) the appointment of FTI US as the Special Committee F.A.;
C) an update on the CBSA Bond;
D) the receipts and disbursements of the Payless Canada Entities for the six-week period ended May 17, 2019;
E) the Payless Canada Entities' revised cash flow forecast for the period covering the weeks ending May 19, 2019 to September 20, 2019; and
F) the Payless Canada Entities' motion returnable June 4, 2019 seeking, among other things: an extension of the Stay of Proceedings up to and including September 20, 2019; approval of the Fourth Report of the Monitor and the activities of the Monitor as described therein; and approval of the fees and disbursements of the Monitor and its counsel, Bennett Jones LLP.

 
 Third Report of the Monitor April 18, 2019
The purpose of this third report of the Monitor (the "Third Report") is to provide the Court with the Monitor's comments and recommendations regarding:
A) Court's approval of an Order (the "Claims Procedure Order") approving a claims procedure;
B) Court's approval of an Order (i) confirming a new forecast ( "Third Cash Flow Forecast"), (ii) authorizing the Payless Canada Entities to make certain transfers of funds to the U.S. Debtors, and (iii) approving the Third Report;
C) Update on the U.S. Proceedings;
D) Summary of the receipts and disbursements of the Payless Canada Entities for the four-week period ended April 5, 2019; and
E) Revised cash flow forecast for the 10-week period ending June 14, 2019 (the "Third Cash Flow Forecast").

 
 Second Report of the Monitor March 16, 2019
The purpose of this second report of the Monitor (the "Second Report") is to provide the Court with the Monitor's comments and recommendations regarding the following:
A) the activities of the Payless Canada Entities and the Monitor since the Comeback Hearing;
B) the Monitor's preliminary views on expected recoveries for creditors of the Payless Canada Entities;
C) the receipts and disbursements of the Payless Canada Entities for the three week period ended March 8, 2019;
D) the Payless Canada Entities' revised cash flow forecast for the period covering the weeks ending March 15, 2019 to June 7, 2019;
E) the Payless Canada Entities' motion returnable March 20, 2019 seeking, among other things:
i) an extension of the Stay Period to and including June 7, 2019; and
ii) the approval of the Pre-Filing Report of FTI, in its capacity as proposed monitor of the Payless Canada Entities dated February 19, 2019, the First Report of FTI in its capacity as monitor of the Payless Canada Entities and the Second Report, to be filed, and approving the activities of the Proposed Monitor and the Monitor as described therein.

 
 First Report of the Monitor February 20, 2019
The purpose of this first report of the Monitor (the "First Report") is to provide the Court with:
A) an update with respect to the "First Day" hearing in the U.S Proceedings that washeld on February 19, 2019;
B) an update with respect to discussions that have taken place with certain landlord counsel since the granting of the Initial Order; and
C) a copy of the engagement letter dated as of January 24, 2019 pursuant to which Payless Holdings LLC (collectively, with its subsidiaries and affiliates, "Payless"), engaged Ankura to act as an advisor to Payless regarding a possible restructuring of the Company and to provide interim services (the "U.S. Ankura Engagement Letter").

 
 Monitor's Pre-Filing Report February 19, 2019
The purpose of the Proposed Monitor's pre-filing report (the "Pre-Filing Report") is to provide the Court with the following:
A) FTI's qualifications to act as Monitor, if appointed;
B) a description of the activities of FTI and its independent counsel, Bennett Jones LLP ("Bennett Jones"), to date;
C) an overview of the Payless Canada Entities, including their business and affairs, the events leading up to the CCAA Proceedings and their restructuring efforts to date;
D) FTI's comments regarding the proposed extension of the CCAA benefits, protections, authorizations and restrictions to Payless Canada LP;
E) FTI's comments regarding the Payless Canada Entities' consolidated cash flow projections of its receipts and disbursements for the 13-week period ending May 17, 2019 (the "Cash Flow Forecast") and the reasonableness thereof, in accordance with section 23(1)(b) of the CCAA;
F) FTI's comments regarding the customary protocol to ensure effective and efficient coordination and administration of the CCAA Proceedings and the U.S. Proceedings (the "Cross Border Protocol");
G) FTI's comments regarding the Payless Canada Entities' request for the approval of the engagement letter of Ankura Consulting Group, LLC ("Ankura") as Chief Restructuring Organization to the Payless Canada Entities;
H) FTI's comments regarding the Payless Canada Entities' proposed administration charge (the "Administration Charge") and proposed directors’ and officers' charge (the "Directors' Charge");
I) a discussion of the Payless Canada Entities' intended next steps in the CCAA Proceedings and FTI's comments regarding:
i) the Liquidation Approval Order (which includes the Sale Guidelines) and the Liquidation Consulting Agreement (each as defined below); and
ii) the Payless Canada Entities' proposed extension of the stay of proceedings until May 10, 2019 at the Comeback Hearing (as defined below).
J) FTI's conclusions and recommendation with respect to the proposed CCAA Proceedings and certain of the relief sought in the Proposed Initial Order and at the Comeback Hearing.

 

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