Alberta · CCAA
Fifth Report of the Monitor
Court officer report · 22 August 2013
A plain-language read of this filing opens with a subscription.
What we verified from this filing5 verified
- process resultsnote: No qualified bids other than the stalking horse ASPA were submitted by the phase one bid deadline · as of: 2013-05-21 · qualified bids: 0
- purchaserWerklund Capital Corporation and Melybe Skandinavia AS
- recovery outcomeentries: basis: plan · quote: Therefore the Plan does not contemplate any recovery for existing shareholders. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Existing Shareholders · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on the Liquidation Analysis, the Existing Shareholders have no economic interest and would recover nil in a liquidation or an asset purchase under the ASPA. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Existing Shareholders · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Liquidation Analysis above indicates that there would be no recoveries available for creditors ranking subordinate to the Debenture Obligation, as the estimated recoveries under both the high and low scenario are less than the amounts owed under the Interim Financing Facility (currently $2.4 million has been drawn) and Debenture Obligation (principal obligation of $6.0 million). · pct of: unstated · outcome: nil · class key: secured · stated by: monitor · class label: creditors ranking subordinate to the Debenture Obligation · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Accordingly, it is the Monitor's view that the approval of the Plan is in the best interest of Creditors with Affected Claims, as absent of the Plan, Affected Creditors would most likely recover no monies, and the Monitor respectfully recommends that such Creditors vote in favour of the Plan. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Creditors with Affected Claims · interim final: unstated · claims qualifier: unstated · stated on: 2013-08-22 · table missing:
- sale outcometext: No qualified bids other than the ASPA were submitted and the SISP was terminated; the Plan contemplates completion of the ASPA transaction · scope: whole_business · status: pending_approval
- stalking horseWerklund/Melbye