Ontario · CCAA
Sixteenth Report of the Monitor .PDF
Court officer report · 15 January 2024
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What we verified from this filing4 verified
- operational summaryNAFA has largely wound down its core auction business and is now focused on realizing remaining assets, including pursuing insurance and other litigation claims and recovering loans made to mink farmers, while working toward a plan of compromise with creditors.
- recovery outcomeentries: basis: plan · quote: Under the proposed Plan, it is forecast that Affected Claims, including the Secured Creditors' Affected Claims (after the conversion of the secured debt as set out above to unsecured debt) will have recoveries in the range of approximately 3.6% to 11.0%, subject to recovery of certain contingent assets. · pct of: unstated · outcome: distribution · pct low: 3.6 · pct high: 11 · class key: unsecured · stated by: monitor · class label: Affected Claims, including the Secured Creditors' Affected Claims (after conversion to unsecured debt) · interim final: unstated · conditional on: subject to recovery of certain contingent assets · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on the foregoing, the Monitor is of the view that the proposed Plan provides a better recovery to unsecured creditors than they would receive in a bankruptcy or liquidation, wherein there would be essentially no recoveries for the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: For greater certainty, the Unaffected Secured Syndicate Claim in the approximate amount of $1,261,000 is an Unaffected Claim under the proposed Plan and it will remain a Secured Claim and will be paid in full prior to the Monitor setting up the Reserves or any Distributions being made under the proposed Plan. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: Unaffected Secured Syndicate Claim · claims amount: 1261000 · creditor name: Unaffected Secured Syndicate Claim · interim final: unstated · conditional on: will remain a Secured Claim and will be paid in full prior to the Monitor setting up the Reserves or any Distributions being made under the proposed Plan · claims qualifier: estimated · stated on: 2024-01-15 · table missing:
- report date15 January 2024
- report noSixteenth Report of the Monitor