Ontario · Proposal
Notice of Proposal to Creditors – dated September 20, 2016
Notice to creditors · 20 September 2016
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 filing7 verified
- unsecured creditorsnote: Related party (equity sponsor affiliate); Claim is an Unaffected Claim under the Proposal; Elleway agreed to postpone Claim and waive pro-rata distribution from Distribution Fund; also described as 'approximately $10.4 million' in the Report of Proposal Trustee · page: 5 · as of: NOI Filing Date · basis: Statement of Affairs as reported / Proposal definitions · amount: 10372353 · debtor: 8635919 Canada Inc. (formerly operating as iTravel2000) · creditor: Elleway Properties Limited ("Elleway") · currency: CAD
- financial positionnote: Total Claims per SOA of $21,605,244 comprises Secured $11,008,200, Preferred nil, and Unsecured $10,597,044 (which includes Elleway's ~$10.4 million related-party claim); asset figures exclude customer funds held in trust for travel services, transferred to Purchaser on/around August 12, 2016 · page: 35 · as at: 2016-08-10 · basis: Statement of Affairs (SOA) management estimate; assets shown at both estimated net book value ($2,523,000) and estimated realizable value per SOA ($2,276,000); unaudited · scope: Entity-level, 8635919 Canada Inc. (formerly operating as iTravel2000), excludes customer trust funds transferred to Purchaser · currency: CAD · total assets: 2276000 · total liabilities: 21605244
- secured creditorsnote: Company disclaimed all interest in equipment subject to HP Lease subsequent to NOI Filing Date; validity/enforceability of security not opined on by counsel given asset shortfall · page: 36 · as of: 2016-08-10 · amount: 125129 · debtor: 8635919 Canada Inc. (formerly operating as iTravel2000) · creditor: Hewlett Packard Financial Services Co. ("HP") · currency: CAD · security: PPSA registration re: lease of computer/IT equipment (HP Lease)
- secured creditorsnote: Validity/enforceability of security not opined on by counsel given asset shortfall · page: 36 · as of: 2016-08-10 · amount: 53072 · debtor: 8635919 Canada Inc. (formerly operating as iTravel2000) · creditor: Bank of Montreal ("BMO") · currency: CAD · security: PPSA registration re: credit card facility and letters of credit (partly secured by GICs held by BMO)
- secured creditorsnote: Related party (Elleway Acquisitions affiliate) and primary secured creditor; security opinion confirmed valid and enforceable by Stikeman Elliott LLP; agreed to subordinate/postpone Secured Claim to allow Proposal Payments; also stated elsewhere as 'approximately $11 million as at the NOI Filing Date' (approximation) and 'in excess of $20 million' when combined with Elleway · page: 36 · as of: NOI Filing Date · amount: 10829998 · debtor: 8635919 Canada Inc. (formerly operating as iTravel2000) · creditor: Aldenham Canada Acquisition Corporation · currency: CAD
- unsecured creditorsnote: Document names no individual creditors other than Elleway; includes approximately $220,000 owed to employees for unpaid wages pre-Transaction, which was subsequently paid by the Company and/or Purchaser; total unsecured per SOA reported as $10,597,044 including Elleway · page: 36 · as of: 2016-09-08 · basis: Statement of Affairs as reported (total unsecured $10,597,044 less Elleway's $10,372,353) · amount: 224691 · debtor: 8635919 Canada Inc. (formerly operating as iTravel2000) · creditor: Unsecured creditors (aggregate, excluding Elleway, as reported per Statement of Affairs) · currency: CAD
- recovery outcomeentries: basis: plan · quote: Superintendent's Levy: the Superintendent's Levy shall be paid in full; · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Superintendent's Levy · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Mandatory Payment Claims: Mandatory Payment Claims shall be paid in full; · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Mandatory Payment Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Creditors: Preferred Claims shall be paid in full, without interest; and · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Unsecured Claims: $100,000 of the Available Funds shall be set aside by the Proposal Trustee to comprise of the Distribution Fund which shall be distributed pro-rata to Proven Affected Creditors on account of their Proven Affected Claims (other than D&O Claims) at such times, if any, as the Proposal Trustee shall determine in consultation with the Inspectors. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 100000 · amount high: 100000 · class label: Affected Creditors (Unsecured Claims) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Claims arising in respect of goods supplied, services rendered or other consideration given to the Company, with the acceptance of the Company, subsequent to the NOI Filing Date shall be paid in full from the Available Funds in the ordinary course of business and on regular trade terms. · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Post Filing Goods and Services Claims · interim final: unstated · claims qualifier: unstated · stated on: 2016-09-20 · table missing: