Ontario · CCAA
Thirteenth Report of the Monitor
Court officer report · 30 November 2020
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: Providing for a distribution of up to 5% of the proven Claims of holders of all other Affected Claims, primarily comprised of amounts owing to: · pct of: proven_claims · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · class label: holders of all other Affected Claims · interim final: unstated · conditional on: reduced proportionately if aggregate Voting Claims for Affected Claims exceed $6,250,000 · claims qualifier: unstated; basis: plan · quote: The Plan provides a clear outcome for other Affected Creditors, in the form of a dividend of up to 5% on their claims in the General Unsecured Creditor Class; and · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · class label: Affected Creditors in the General Unsecured Creditor Class · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Unaffected Creditors, including Trades and Secured Creditors, whose valid claims are not compromised under the Plan are entitled to full recovery of their claims from the relevant restructured Clover CCAA Applicants. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: Unaffected Creditors, including Trades and Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Brokers who agree to execute the Broker RSA are entitled to receive a top-up payment on their pre-filing claims under the Plan, such that the total amount received after the top-up payment would result in a 55% recovery on their claim within 60 days of final closing of 90% of the saleable square footage of residential area, rather than the maximum 5% Distribution Rate under the Plan. · pct of: unstated · outcome: distribution · pct low: 55 · pct high: 55 · class key: unsecured · stated by: monitor · class label: Brokers who execute the Broker RSA · interim final: unstated · conditional on: payments conditioned on approval of the Plan; top-up payment within 60 days of final closing of 90% of the saleable square footage of residential area · claims qualifier: unstated · stated on: 2020-11-30 · table missing: