Ontario · CCAA
Second Report of the Monitor
Court officer report · 29 January 2018
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
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 · class key: secured · stated by: monitor · class label: Affected Secured Claims · interim final: unstated · conditional on: pro-rata share of 100% of the New Equity of Newco, prior to dilution from warrants · claims qualifier: unstated; basis: plan · quote: Pursuant to the Plan, the Affected Banro Unsecured Claims will be compromised in exchange for their pro-rata share of the Affected Banro Unsecured Pool, being $10,000. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 10000 · amount high: 10000 · class label: Affected Banro Unsecured Claims (Listed Creditors) · interim final: unstated · conditional on: Affected Banro Unsecured Deficiency Claims holders waive their entitlement, so the full pool goes to the Listed Creditors · claims qualifier: unstated; 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: debtor · class label: Affected Equity Claims and Equity Interests · 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 · class key: deemed_trust · stated by: monitor · class label: Crown Priority Claims · interim final: unstated · conditional on: within six months after the Sanction Order, as required by s. 6(3) of the CCAA · 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 · class key: preferred · stated by: monitor · class label: Employee Priority Claims (6(5) Claims) · interim final: unstated · conditional on: immediately after the Sanction Order, as required by s. 6(5) of the CCAA · 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