Quebec · CCAA
Motion for the Continuation of Proceedings and for Initial Order
Application / notice of application · 27 February 2015
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 filing6 verified
- applicantMinéraux Maudore Ltée
- courtSUPERIOR COURT (COMMERCIAL DIVISION)
- court file no500-11-
- provinceQUÉBEC
- statutory basisSs. 11, 11.02 and 11.6 of the Companies’ Creditors Arrangement Act
- recovery outcomeentries: basis: estimated · quote: It is too soon to say whether a transaction with respect to the Comtois Property will materialize, or what final form that transaction may take, but in light of the size of the debt to FBC which charges the property it is very unlikely that an outright sale of the Comtois Property (whether by Maudore, the secured creditor, a receiver, or trustee in bankruptcy) would generate proceeds sufficient to provide any distribution to the unsecured creditors of Maudore. · pct of: unstated · outcome: nil · class key: unsecured · stated by: debtor · class label: unsecured creditors of Maudore · interim final: unstated · conditional on: unless an outright sale generates more proceeds than anticipated or a recapitalization occurs · claims qualifier: unstated; basis: estimated · quote: However, in the event that there is an interest in recapitalizing Maudore, possibly to take advantage of tax losses carried forward and/or to preserve or revive the public listing, a proposal or arrangement would provide some dividend to the unsecured creditors. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: debtor · class label: unsecured creditors of Maudore · interim final: unstated · conditional on: in the event that there is an interest in recapitalizing Maudore, possibly to take advantage of tax losses carried forward and/or to preserve or revive the public listing · claims qualifier: unstated · table missing: