Ontario · CCAA
Second Report of the Monitor
Court officer report · 29 January 2018
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- process resultsas of: 2018-01-29 · solicited: 419
- recovery outcomeentries: basis: plan · quote: Pursuant to the Plan, the Affected Secured Claims will be compromised in exchange for their pro-rata share of 100% of the New Equity 7 , being 100% of the common equity of Newco prior to any dilution in respect of the warrants for common shares in Newco to be issued pursuant to the Plan. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Affected Secured Class · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Plan provides that certain Crown Claims will be paid in full within six months after the Sanction Order, as required by section 6(3) of the CCAA (the ' Crown Priority Claims '). · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: monitor · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Plan provides that certain employee claims will be paid in full immediately after the Sanction Order, as required by section 6(5) of the CCAA (the ' 6(5) Claims' ). · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: monitor · class label: 6(5) Claims / Employee Priority Claims · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: If there is no Successful Bid, the SISP will have demonstrated that the shortfall to the Affected Secured Creditors is at least the amount of the Affected Banro Unsecured Deficiency Claims, being $58,438,322.50 in the aggregate. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Affected Secured Creditors (shortfall via Deficiency Claims) · interim final: unstated · conditional on: if there is no Successful Bid under the SISP · claims qualifier: unstated · shortfall amount: 58438322.5; basis: plan · quote: Holders of Affected Equity Claims or Equity Interests shall not receive any consideration or distributions under this Plan and shall not be entitled to vote on this Plan at the Creditors' Meetings and existing shares of Banro shall be cancelled and shall be deemed to be cancelled without compensation. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Equity Claims / Equity Interests · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Excluded Creditors in respect to and to the extent of their Excluded Claims shall not receive any consideration under this Plan in respect of their Excluded Claims. · pct of: unstated · outcome: nil · stated by: monitor · class label: Excluded Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2018-01-29 · table missing:
- sale advisorKingsdale Advisors
- sale outcometext: SISP approved and in progress; teaser sent to potential bidders list · scope: whole_business · status: process_approved