Ontario · CCAA
Thirty-Eighth Report of the Monitor
Court officer report · 20 April 2017
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: USS will receive full payment for its secured claims in U.S. dollars. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: USS Secured Claims · creditor name: USS · interim final: unstated · related party: false · claims qualifier: unstated; basis: plan · quote: USS Unsecured Claims will not receive any distribution from the General Unsecured Creditor Pool and USS will not be entitled to vote on the Plan with the exception of the five unsecured transportation trade claims totalling approximately USD$3 million which USS took assignment of as described in the Seventh Report. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: USS Unsecured Claims · creditor name: USS · interim final: unstated · related party: false · conditional on: with the exception of the five unsecured transportation trade claims totalling approximately USD$3 million which USS took assignment of · claims qualifier: unstated; basis: plan · quote: The Province has agreed to vote in favour of the Plan but has also agreed not to receive its pro rata share of the General Unsecured Creditor Pool in respect of its Proven Claim of approximately $150 million. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Province General Unsecured Claim · claims amount: 150000000 · creditor name: Province · interim final: unstated · related party: false · claims qualifier: proven; basis: plan · quote: Under the Plan, the Non-USW Main Pension and OPEB Claim class will not receive any distributions from the General Unsecured Creditor Pool. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Non-USW Main Pension and OPEB Claim class · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Under the Plan, based upon the Claims filed pursuant to the Claims Process Order and the provisions of the Plan, the Monitor estimates that each General Unsecured Creditor with Proven Claims will recover approximately 10% of the principal amount of its Proven Claims. · pct of: principal · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: monitor · class label: General Unsecured Creditor · interim final: unstated · claims qualifier: unstated; basis: plan · quote: As a result, Convenience Creditors may recover as much as 100% of their claim, and will receive payment on account of such claims shortly after implementation of the Plan. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 7500 · amount high: 7500 · class label: Convenience Creditor · interim final: unstated · conditional on: payment in an amount equal to the lesser of $7,500 and the actual amount of its Proven Claim · claims qualifier: unstated; basis: liquidation_alternative · quote: As noted above, the Monitor's Liquidation Analysis indicates that, after repayment of secured claims, unsecured creditor recoveries would be approximately 7% to 11% based on estimated Claims in a liquidation scenario. · pct of: unstated · outcome: distribution · pct low: 7 · pct high: 11 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: estimated; basis: plan · quote: Attached as Appendix 'G' to this Report is a copy of the updated Illustrative GUC Recovery Estimate, which estimates that the General Unsecured Creditors will recover in the range of 10% of their unsecured claims under the Amended Plan. · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: monitor · class label: General Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, the Supplemental Pension and Employee Claimants are expected to receive distributions from the Settlement Amount in the range of approximately 30% of their claims on average (and up to 100% in cases in which their Proven Claim amounts to $7,500 or less). · pct of: unstated · outcome: distribution · pct low: 30 · pct high: 30 · class key: unsecured · stated by: monitor · class label: Supplemental Pension and Employee Claimants · claims amount: 25000000 · interim final: unstated · conditional on: up to 100% in cases in which their Proven Claim amounts to $7,500 or less · claims qualifier: estimated; basis: liquidation_alternative · quote: the analysis assumes the Construction Lien claims to be paid between 50% and 100% in the Low and High Scenarios, respectively. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 100 · class key: secured · stated by: monitor · class label: Construction Lien claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Holders of Equity Claims will not receive a distribution or other consideration under the Plan and will not be entitled to vote on the Plan in respect of their Equity Claims. · pct of: unstated · outcome: nil · class key: equity · stated by: debtor · class label: Equity Claims · interim final: unstated · claims qualifier: unstated · stated on: 2017-04-20 · table missing: The illustrative recoveries in the table above are subject to a number of assumptions (as outlined below) and any realization that would be undertaken would necessarily take place in the future and under circumstances, including future steel product market conditions, that cannot be presently predicted with certainty.