Ontario · CCAA
Fifth Report dated December 9, 2011 – Part 2 of 2
Court officer report · 9 December 2011
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 filing7 verified
- closing confirmedscope: Cantar Pool Equipment division · outcome: completed · purchaser: 662671 Canada Inc. · date basis: unstated · approval order date: 2006-10-17; scope: residual assets of the Above Ground Pool division · outcome: completed · purchaser: Northern Light Recreation Co · date basis: unstated · approval order date: 2006-10-17; scope: 330 Humberline Drive, Toronto, Ontario · outcome: completed · purchaser: Strathallen Acquisitions Inc. · date basis: unstated · approval order date: 2006-10-19
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 263.18 · quote: The average hourly rate in respect of time as outlined in Exhibit A is $263.18. · scope: time as outlined in Exhibit A · currency: · invoices: · firm text: A. Farber & Partners Inc. · firm quote: A. FARBER & PARTNERS INC. In its capacity as the Court - Appointed Monitor of the Applicant · context quote: A. FARBER & PARTNERS INC. In its capacity as the Court - Appointed Monitor of the Applicant; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 276.8 · quote: The average hourly rate of Aird & Berlis LLP is $276.80. · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: The average hourly rate of Aird & Berlis LLP is $276.80. · context quote: The average hourly rate of Aird & Berlis LLP is $276.80.
- operational summaryCantar's plan of compromise was sanctioned in January 2007 and the Effective Date occurred; the business is wound down and the Monitor remains in place to complete implementation of the Plan and seek its discharge. Remaining value lies mainly in the $1.6 million VTB mortgage on 330 Humberline Drive, due October 2011.
- professional feesnote: Total of the Monitor's fees per Exhibit A is $221,072.00 (fees only, before disbursements and taxes), together with disbursements of $14,698.53, GST of $12,640.93 and HST of $1,140.36, totalling $249,551.82; average hourly rate $263.18; a further approximately $50,000 is estimated to complete implementation of the CCAA Plan including discharge. Counsel (Aird & Berlis LLP) separately rendered eight statements of account, with an average hourly rate of $276.80. · party: A. Farber & Partners Inc. (Monitor) · amount: 221072 · period: September 25, 2006 to October 31, 2011 (nine invoices) · currency: CAD
- purchaser662671 Canada Inc.; Northern Light Recreation Co; Strathallen Acquisitions Inc.
- recovery outcomeentries: basis: plan · quote: Pursuant to Article 4.1(a) of the Plan, Affected Creditors with aggregate Claims of $5,000 or less are paid 25 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: monitor · class label: Affected Creditors with aggregate Claims of $5,000 or less (and elections to reduce to $5,000) · interim final: unstated · cents on dollar: 25 · claims qualifier: unstated; basis: estimated · quote: Based on this, if the VTB goes its full five year term with an annual interest income of in excess of $100,000 per annum (6.5% interest rate), combined with potential net recoveries from accounts receivable and the CPPC receivable, the payout to larger creditors is estimated to range between 15% to 20% ($1.6 million/$9.7 million = 16.5% to $2.0 million/$9.7 million = 20.6%,). · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 20 · class key: unsecured · stated by: monitor · class label: Affected Creditors with larger claims (participating in the Distribution Pool) · claims amount: 9700000 · interim final: unstated · claims qualifier: unstated · table missing:
- report noFifth Report of the Monitor