Ontario · NOI
Report of the Proposal Trustee on the Financial Situation of the Debtor and the Proposal – dated April 29, 2022
Court officer report · 29 April 2022
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 filing3 verified
- purchaser12830353 Canada Inc.
- recovery outcomeentries: basis: plan · quote: Should the Proposal be approved by both the Creditors and the Court and implemented, it is anticipated that the Claims of Affected Creditors will be paid in full and the balance of the Net Purchase Proceeds will be made available to Ayanda's Class B Equity Claimants on a pro rata basis. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · conditional on: Proposal approved by Creditors and Court and implemented · claims qualifier: unstated; basis: plan · quote: Should the Proposal be approved by both the Creditors and the Court and implemented, it is anticipated that the Claims of Affected Creditors will be paid in full and the balance of the Net Purchase Proceeds will be made available to Ayanda's Class B Equity Claimants on a pro rata basis. · pct of: unstated · outcome: distribution · class key: equity · stated by: proposal_trustee · class label: Ayanda's Class B Equity Claimants · interim final: unstated · conditional on: Proposal approved by Creditors and Court and implemented; balance of Net Purchase Proceeds after Affected Claims paid, pro rata · claims qualifier: unstated; basis: liquidation_alternative · quote: In such a scenario, the Transaction would not be completed, and it appears unlikely that there would be any funds from the liquidation of the Company's assets to support a distribution to the Company's Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Company's Unsecured Creditors · interim final: unstated · conditional on: Proposal not accepted and Ayanda becomes bankrupt · claims qualifier: unstated; basis: liquidation_alternative · quote: As reported by the Company on its Statement of Affairs, absent the closing of the Transaction, the estimated realizations from the Company's assets would be insufficient to satisfy the secured claim of to MSFL. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: secured claim of MSFL · creditor name: MSFL · interim final: unstated · conditional on: Proposal not accepted and Transaction not completed · claims qualifier: unstated; basis: liquidation_alternative · quote: Accordingly, based on all of the above, the Proposal Trustee strongly recommends the acceptance of the Proposal by Ayanda's Creditors. · pct of: unstated · outcome: nil · class key: equity · stated by: proposal_trustee · class label: Ayanda's Class B shareholders · interim final: unstated · conditional on: bankruptcy scenario · claims qualifier: unstated · stated on: 2022-04-19 · table missing:
- sale outcometext: Transaction approved by court order on March 1, 2022, pending Health Canada approval and other closing conditions · scope: whole_business · status: approved