Alberta · CCAA
Walton Edgemont Development Corporation - 2019 Annual Report
Court officer report · 1 June 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 filing9 verified
- cash on handnote: Ending cash balance per Exhibit 1.0 (stated as 685 in CAD '000s). · as at: 2019-12-31 · amount: 685000 · currency: CAD
- closing confirmedscope: the Woodhaven LDP · outcome: completed · effective: 2017-11-23 · purchaser: Rohit Communities Inc. · date basis: stated · approval order date: 2017-11-02
- operational summaryEdgemont is completing its remaining construction obligations at the Woodhaven LDP (expected by Dec. 31, 2020) and collecting trailing cost recoveries, with remaining assets to be realized before Dec. 31, 2021. It lacks sufficient funds beyond the Administrative Reserve to distribute to unsecured creditors at this time.
- professional feesnote: CCAA professional fees incurred during the Reporting Period. A separate $464,000 CCAA fee reallocation was paid to certain other Walton CCAA Applicants under an April 18, 2019 Court order. · party: Monitor, Monitor's legal counsel and Edgemont's legal counsel · amount: 266000 · period: January 1, 2019 to December 31, 2019 · currency: CAD
- purchaserRohit Communities Inc.
- recovery outcomeentries: basis: estimated · quote: As indicated in Exhibit 4.0, the Monitor estimates that the unsecured creditors of Edgemont will receive a full recovery on their claims and estimates approximately $5.7 million will be distributed on a pro rata basis amongst the holders of Class B non-voting common shares in Edgemont. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · class label: unsecured creditors · claims amount: 3200000 · interim final: unstated · claims qualifier: proven; basis: estimated · quote: As indicated in Exhibit 4.0, the Monitor estimates that the unsecured creditors of Edgemont will receive a full recovery on their claims and estimates approximately $5.7 million will be distributed on a pro rata basis amongst the holders of Class B non-voting common shares in Edgemont. · pct of: unstated · outcome: distribution · class key: equity · stated by: monitor · amount low: 5700000 · amount high: 5700000 · class label: holders of Class B non-voting common shares · interim final: unstated · claims qualifier: unstated · stated on: 2020-05-31 · table missing: Exhibit 4.0
- report date31 May 2020
- report no2019 Annual Report
- sale outcometext: The Woodhaven LDP was sold and the Edgemont Transaction closed, with surplus proceeds used to repay the senior secured lender. · scope: parcel · status: closed