Quebec · CCAA
Application for the Issuance of a Sanction Order, including a Revised Draft Sanction Order, dated April 27, 2022
Application / notice of application · 27 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 filing6 verified
- insolvency professionalMartin P. Rosenthal
- insolvency professionalMartin P. Rosenthal
- lawyerDENIS FERLAND
- lawyerCHRISTIAN LACHANCE
- lawyerGABRIEL LAVERY LEPAGE
- recovery outcomeentries: basis: plan · quote: In particular, the Plan will very likely result in the payment of a dividend ranging between 6% and 100% in respect of all Affected Claims. · pct of: unstated · outcome: distribution · pct low: 6 · pct high: 100 · class key: unsecured · stated by: debtor · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Based on this calculation, the Convenience Creditors would receive a distribution that varies depending on the amount of their Affected Claims, from a high of 100% of their Affected Claims (for the creditors having a claim of CAD$5,000 or less, or US$3,568 or less, depending on the currency), then decreasing progressively as the claim increases, to a low of 6% of their Affected Claims (for a creditor with an Affected Claim at the maximum amount of the range, CAD$83,333 or US$59,460, depending on the currency). · pct of: unstated · outcome: distribution · pct low: 6 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Convenience Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: With regards to the Affected Creditors who are not Convenience Creditors, i.e. those creditors whose Affected Claim is higher than CAD$83,333 or US$59,460, depending on the currency, the Plan provides for a distribution in an amount of 6% of their Affected Claims. · pct of: unstated · outcome: distribution · pct low: 6 · pct high: 6 · class key: unsecured · stated by: monitor · class label: Affected Creditors who are not Convenience Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: In substance, the Composition contemplates a settlement between AGIAG and its ordinary creditors based on a percentage (16.4%) of their respective proven claim. · pct of: proven_claims · outcome: distribution · pct low: 16.4 · pct high: 16.4 · class key: unsecured · stated by: monitor · class label: ordinary creditors of AGIAG · creditor name: Aldo Group International AG (AGIAG) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The analysis performed by the Monitor suggests that in the event of a liquidation process, the value of the assets would likely be insufficient to pay the secured creditors in full · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: secured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-04-14 · table missing: