British Columbia · Receivership (court-appointed)
Second Report of the Receiver, filed October 12, 2022
Court officer report · 12 October 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: c) The SPA will result in funds being available to fund the Finnish Plan, as later defined, resulting in a 3.28% partial recovery for the unsecured creditors of OGOY as further discussed in paragraphs 36 through 46 of this Second Report; · pct of: unstated · outcome: distribution · pct low: 3.28 · pct high: 3.28 · class key: unsecured · stated by: receiver · class label: unsecured creditors of OGOY · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: d) The Receiver is advised that Pandion supports the SPA transaction notwithstanding Pandion will suffer a significant shortfall on its security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Pandion · creditor name: Pandion · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: d) Pandions unsecured debt, in the amount of approximately EUR 78,590,000, and OGCs unsecured debt, in the amount of approximately EUR 41,346,000, will not be paid in cash but each will be reduced to 3.28% and each will be converted into new debt having the original terms and conditions; · pct of: unstated · outcome: distribution · pct low: 3.28 · pct high: 3.28 · class key: unsecured · stated by: receiver · class label: Pandion's unsecured debt · claims amount: 78590000 · creditor name: Pandion · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: d) Pandions unsecured debt, in the amount of approximately EUR 78,590,000, and OGCs unsecured debt, in the amount of approximately EUR 41,346,000, will not be paid in cash but each will be reduced to 3.28% and each will be converted into new debt having the original terms and conditions; · pct of: unstated · outcome: distribution · pct low: 3.28 · pct high: 3.28 · class key: unsecured · stated by: receiver · class label: OGC's unsecured debt · claims amount: 41346000 · creditor name: OGC · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: f) For comparative purposes, the Finnish Administrator estimated, in the event the Finnish Plan cannot be completed, recoveries in a bankruptcy scenario to the OGOY unsecured creditors would be between nil and 0.79%, with 0.79% being based on an optimistic valuation of the assets; and · pct of: unstated · outcome: distribution · pct low: 0.79 · pct high: 0.79 · class key: unsecured · stated by: receiver · class label: OGOY unsecured creditors (bankruptcy scenario) · interim final: unstated · claims qualifier: unstated · table missing: