Proceedings.

Banro Corporation

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Ontario Superior Court of Justice
File
CV17-S89016-00CL
Filings held68
Last activity5 Aug 2020
On the record3,195 days
Secured debtSubscribers
OverviewSummary updated

Banro Corporation, together with Banro Group (Barbados) Limited, Banro Congo (Barbados) Limited and the Namoya, Lugushwa, Twangiza and Kamituga Barbados entities, has been under CCAA protection in the Ontario Superior Court of Justice since December 22, 2017, under court file CV17-S89016-00CL, with FTI Consulting Canada Inc. as Monitor. As of the filing date, the known creditor list shows secured indebtedness of Banro Corporation of USD 58,618,000 owed to the Collateral Trust Agent, and unsecured claims led by Gramercy at USD 166,001,000 and Baiyin at USD 153,114,000, together with large intercompany balances among the Barbados holding companies and the Congolese operating subsidiaries. The proceedings remain active.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the Press Release - Claims Procedure dated 1 February 2018.

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Case updates68 dated entries

65 earlier updates, back to 22 December 2017 — subscribers.

Parties

Debtor

Banro Corporation

Monitor

FTI

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice HaineyOntario Superior Court of Justice9 orders, Dec 2017 – Mar 2018196 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorFTIMcMillan LLP12 Mar 2018Service list · 12 Mar 2018
ApplicantArnold KondratWhitten & Lublin Pc12 Mar 2018Service list · 12 Mar 2018
ApplicantBanro CorporationCassels Brock & Blackwell LLP22 Dec 2017Order · 22 Dec 2017
CreditorBaiyin International Investment Ltd./Baiyin Nonferrous Group Company, LimitedMcCarthy Tétrault LLP12 Mar 2018Service list · 12 Mar 2018
CreditorEMA GARP Fund, L.PKalberer LLP12 Mar 2018Service list · 12 Mar 2018
CreditorGramercy Funds Management LLCDebevoise & Plimpton LLP · Goodmans LLP12 Mar 2018Service list · 12 Mar 2018
CreditorJefferies LLCHerbert Smith Freehills New York LLP12 Mar 2018Service list · 12 Mar 2018
CreditorMinister of National RevenueAttorney General Of Canada12 Mar 2018Service list · 12 Mar 2018
CreditorVR Global Partners, L.PBennett Jones LLP12 Mar 2018Service list · 12 Mar 2018
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredCollateral Trust AgentAs of the filing date — Held in trust; named as 'Collateral Trust Agent' implying collateral/security trust arrangement — CAD equivalent shown as 74,679,332.00; page does not further describe the security instrument — debtor: Banro Corporation$58.6M USDBanro Corporation - List of Known Creditors as at December 22, 2017

35 more claims across lower-ranking classes

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Sale processAs stated in the filings

Sale process approved — SISP approved and in progress; teaser sent to potential bidders listSecond Report of the Monitor · 29 Jan 2018

Parties solicited

419

Second Report of the Monitor

Bid deadline

9 April 2018

SISP Approval Order

AdvisorsFTI Capital Advisors - Canada ULC (financial advisor); Kingsdale Advisors (sale agent)Second Report of the Monitor
RecoveriesAs stated in the filings

Unsecured creditors: a distribution. Secured Lenders a distribution · Noteholders a distribution.Under the plan · sanctionedMotion Record of the Applicants · 18 Apr 2018

ClassCreditorClaimsRecoveryBasisSource
Deemed trust——paid in fullUnder the plansanctionedper the debtorMotion Record of the Applicants · 18 Apr 2018
SecuredAffected Secured Creditors—a distributionconditionalUnder the plansanctionedper the monitorFourth Report of the Monitor · 14 Mar 2018
SecuredSecured Lenders—a distributionEstimatedper the monitorBook of Authorities - February 1 Hearing · 30 Jan 2018
LandlordLandlord Guarantee Creditors—paid in fullUnder the plansanctionedper the debtorBook of Authorities - February 1 Hearing · 30 Jan 2018
Preferred——paid in fullUnder the plansanctionedper the debtorMotion Record of the Applicants · 18 Apr 2018
UnsecuredAffected Banro Unsecured Creditors—a distributionUnder the plansanctionedper the debtorMotion Record of the Applicants · 18 Apr 2018
UnsecuredNoteholders—a distributionconditionalEstimatedper the monitorBook of Authorities - February 1 Hearing · 30 Jan 2018
EquityAffected Equity Claims / Equity Interests—no distributionUnder the plansanctionedper the debtorMotion Record of the Applicants · 18 Apr 2018

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

11 stated figures across 8 outcomes, each sourced

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Fees and ratesAs stated in the filings

1 engagement · 1 firm — FTI Consulting Canada Inc., the PeriodSixth Report of the Monitor · 31 Jul 2020

FirmPeriodHoursFeesRatesSource
FTI Consulting Canada Inc.Monitorthe Period•••—•••Sixth Report of the Monitor · 31 Jul 2020

2 stated figures across 1 engagement, each sourced

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Estate financialsReported figures — never derived

Cash on hand

$4.69M USD

As at 19 Apr 2018Fifth Report of the Monitor

1 more reported figure, as at 19 Apr 2018

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Documents
68 filings
DateDocumentFile
EndorsementPDF · Subscribers
OrderPDF · Subscribers
Sixth Report of the Monitor
  • Fee schedule · Financial position · Stalking horse Subscribers
PDF · Subscribers
Final Motion Record - Termination of the CCAA Proceedings and discharge of the monitor.PDF · Subscribers
Monitor's CertificatePDF · Subscribers
Endorsement of Justice Wilton-Siegel re Stay Extension Order (April 23,2018)
  • Counsel Cassels Brock & Blackwell LLP
  • Presiding officer Justice Wilton-Siegel
PDF · Subscribers
Order extending the Stay Period until June 1, 2018 and approving the Fifth Report of the Monitor
PDF · Subscribers
Fifth Report of the Monitor
  • Operational summary The Applicants continue to operate their DRC mining operations, with the cash flow forecast reflecting the restart of operations at the Namoya mine, while the company works toward implementing its Plan of Compromise and Reorganization.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Motion Record of the Applicants - Returnable April 23, 2018
  • Recovery outcome Entries: per plan; per plan; per plan; per plan · Table missing:
PDF · Subscribers
Banro Corporation Endorsement (March 29, 2018)PDF · Subscribers
Plan Sanction Order
  • Recovery outcome Entries: per plan; per plan; per plan; per plan; per plan · Table missing: (b) The Monitor shall hold the Priority Claim Reserve in the Priority Claim Reserve Account for the purpose of paying the Priority Claims in accordance with this Plan and shall distribute any remaining balance in the Priority Claim Reserve Account to the Applicants, in accordance with section 7.3 of this Plan.
PDF · Subscribers
Affidavit of Sophie Moher - March 26, 2018PDF · Subscribers
Reply Book of Authorities - March 26, 2018PDF · Subscribers
Reply Factum - March 26, 2018PDF · Subscribers
Sanction Order - Revised - March 26 2018
  • Presiding officer Justice Hainey
  • Recovery outcome Entries: per plan; per plan; per plan; per plan; per plan · Table missing: The Monitor shall hold the Priority Claim Reserve in the Priority Claim Reserve Account for the purpose of paying the Priority Claims in accordance with this Plan and shall distribute any remaining balance in the Priority Claim Reserve Account to the Applicants, in accordance with section 7.3 of this Plan.
PDF · Subscribers
Book of Authorities of VR Global Partners, L.P.PDF · Subscribers
FactumPDF · Subscribers
Revised Plan Sanction Order - Blackline
  • Recovery outcome Entries: per plan; per plan · Stated on: 2018-03-27 · Table missing:
PDF · Subscribers
Revised Plan Sanction Order - Clean
  • Presiding officer Justice Hainey
  • Recovery outcome Entries: per plan; per plan; per plan; per plan; per plan · Table missing:
PDF · Subscribers
Factum - March 27 HearingPDF · Subscribers
Volume 1 of 2 - Book of Authorities - March 27 HearingPDF · Subscribers
Volume 2 of 2 - Book of Authorities - March 27 HearingPDF · Subscribers
Fourth Report of the Monitor
  • Cash on hand · Disbursements · Financial position · Professional fees Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Motion Record of the Applicants returnable Tuesday, March 27, 2018 at 10:00 a.m. at the Ontario Superior Court of Justice (Commercial List)PDF · Subscribers
Comeback Service List
  • Counsel Debevoise & Plimpton LLP
PDF · Subscribers
Email Service ListPDF · Subscribers
Endorsement, Hainey, J - March 12, 2018PDF · Subscribers
Sworn Affidavit of Sophie Moher, Amended Plan of Comprise and ReorganisationPDF · Subscribers
Notice of Objection of VR Global PartnersPDF · Subscribers
Notice of Appearance - VR Global Partners LPPDF · Subscribers
Third Report of the Monitor
  • Operational summary The Banro Group's operating mining assets are held in DRC subsidiaries, one of which (Namoya) had temporarily suspended mining operations due to road access closures; the Applicants are pursuing a sale/investor solicitation process and, absent a successful bid, a Plan of compromise to continue DRC operations and preserve employment.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Affected Banro Unsecured Claim Schedule
PDF · Subscribers
Banro Corporation Information CircularPDF · Subscribers
Claims Procedure OrderPDF · Subscribers
D&O Proof of Claim FormPDF · Subscribers
Endorsement of Justice Hainey re Claims Procedure and Meeting OrdersPDF · Subscribers
Guide to Completing D&O Proof of ClaimPDF · Subscribers
Meeting OrderPDF · Subscribers
Notice of ClaimPDF · Subscribers
Notice of DisputePDF · Subscribers
Press Release - Claims ProcedurePDF · Subscribers
Affidavit of S Moher January 31 2018PDF · Subscribers
Motion for Claims Procedure Order - Updated
  • Presiding officer Justice Hainey
PDF · Subscribers
Motion for Meeting Order - Updated January 31, 2018
  • Presiding officer Justice Hainey
  • Recovery outcome Entries: per plan; per plan; per plan · Stated on: 2018-01-25 · Table missing:
PDF · Subscribers
Book of Authorities - February 1 Hearing
  • Recovery outcome Entries: per unstated; per plan; per plan; per estimated; per estimated; per estimated; per estimated; per estimated; per estimated; per estimated; per estimated; per plan; per plan · Table missing:
PDF · Subscribers
Factum - February 1 HearingPDF · Subscribers
Banro Teaser
  • Sale advisor FTI Capital Advisors - Canada ULC (financial advisor)
  • Sale outcome Sale process approved — A sale and investment solicitation process to seek offers for the assets, business and operations of Banro was approved by the Court and is being undertaken
PDF · Subscribers
Second Report of the Monitor
  • Process results 419 solicited · as of 29 Jan 2018
  • Recovery outcome Entries: per plan; per plan; per plan; per estimated; per plan; per plan · Stated on: 2018-01-29 · Table missing:
  • Sale advisor Kingsdale Advisors (sale agent)
  • Financial position Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Motion returnable February 1, 2018PDF · Subscribers
SISP Press Release
PDF · Subscribers
Endorsement of Justice Hainey
  • Presiding officer Justice Hainey
PDF · Subscribers
Procedure for SISP
  • Bid deadline 9 April 2018
  • Outside date 30 April 2018
  • Break fee · Stalking horse Subscribers
PDF · Subscribers
SISP Approval Order
  • Bid deadline 9 April 2018
  • Outside date 30 April 2018
  • Presiding officer Justice Hainey
  • Break fee Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Stay Extension and CCAA Charges Priority Order
  • Presiding officer Justice Hainey
PDF · Subscribers
Book of Authorities of the Applicants - Comeback MotionPDF · Subscribers
Factum of the Applicants - Comeback MotionPDF · Subscribers
First Report of the Monitor
  • Sale outcome Sale process approved — The Monitor recommends the SISP Order approving the sale and investment solicitation process be granted; no successful bid has yet been identified.
  • Stalking horse Subscribers
PDF · Subscribers
Amended Notice of Motion of the ApplicantsPDF · Subscribers
Motion RecordPDF · Subscribers
Notice to Creditors of CCAA filingPDF · Subscribers
Application Record - Volume 1 of 2PDF · Subscribers
Application Record - Volume 2 of 2
  • Applicant BANRO CORPORATION, BANRO GROUP (BARBADOS) LIMITED, BANRO CONGO (BARBADOS) LIMITED, NAMOYA (BARBADOS) LIMITED, LUGUSHWA (BARBADOS) LIMITED, TWANGIZA (BARBADOS) LIMITED AND KAMITUGA (BARBADOS) LIMITED
  • Commencement date 22 December 2017
  • Court ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Statutory basis Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
PDF · Subscribers
Banro Corporation - List of Known Creditors as at December 22, 2017
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Book of Authorities of the ApplicantsPDF · Subscribers
Endorsement of Justice Hainey, J.
  • Presiding officer Justice Hainey
PDF · Subscribers
Factum of the ApplicantsPDF · Subscribers
Initial Order
  • Applicant Banro Corporation, Banro Group (Barbados) Limited, Banro Congo (Barbados) Limited, Namoya (Barbados) Limited, Lugushwa (Barbados) Limited, Twangiza (Barbados) Limited and Kamituga (Barbados) Limited
  • Appointee FTI Consulting Canada Inc.
  • Appointee role Monitor
  • Commencement date 22 December 2017
  • + 6 more extracted facts
PDF · Subscribers
Pre-Filing Report of the Proposed MonitorPDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Banro Corporation” (CCAA), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/banro-corporation

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Sources last checked · summary updated 21 August 2026 · Report a correction · Printed from proceedings.ca/case/banro-corporation

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.