Ontario · Proposal
Fifth Report of the Proposal Trustee dated May 11, 2022 - Part 1 of 3
Court officer report · 11 May 2022
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What we verified from this filing1 verified
- recovery outcomeentries: basis: actual · quote: On March 24, 2022, the Proposal Trustee paid an interim distribution of 70¢ on the dollar to the creditors with Proven Claims. · pct of: unstated · outcome: distribution · pct low: 70 · pct high: 70 · class key: unsecured · stated by: proposal_trustee · cumulative: false · class label: creditors with Proven Claims · interim final: interim · cents on dollar: 70 · claims qualifier: unstated; basis: actual · quote: Neither Mr. Zhang nor Harbour International received an interim distribution in respect of this claim. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · cumulative: false · class label: Mr. Zhang / Harbour International claim · creditor name: Harbour International Investment Group Inc. · interim final: interim · claims qualifier: unstated; basis: plan · quote: The Trustee's estimate is that Affected Creditors will receive between 71% of their claims and payment in full under version 2 of Amended Proposal #3 as contrasted with between 40% and 58% of their claims under Amended Proposal #2. · pct of: unstated · outcome: distribution · pct low: 71 · pct high: 100 · class key: unsecured · stated by: trustee · class label: Affected Creditors under Amended Proposal #3 (version 2) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Trustee's estimate is that Affected Creditors will receive between 71% of their claims and payment in full under version 2 of Amended Proposal #3 as contrasted with between 40% and 58% of their claims under Amended Proposal #2. · pct of: unstated · outcome: distribution · pct low: 40 · pct high: 58 · class key: unsecured · stated by: trustee · class label: Affected Creditors under Amended Proposal #2 · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: In the event none of the disputed or contingent claims were allowed, the Affected Creditors would be paid in full and up to $19 million may be available to holders of equity claims. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: trustee · class label: Affected Creditors (if no disputed/contingent claims allowed) · interim final: unstated · conditional on: In the event none of the disputed or contingent claims were allowed · claims qualifier: unstated; basis: plan · quote: There was some controversy about what precisely the lien claimants received in return for agreeing to convert claims that were to be paid $1.00 per $1.00 of valid claims under the Proposal into claims receiving no more than $0.58 per dollar of claim value. · pct of: unstated · outcome: distribution · pct low: 58 · pct high: 58 · class key: unsecured · stated by: court · class label: lien claimants electing to assign claims · interim final: unstated · cents on dollar: 58 · claims qualifier: unstated; basis: plan · quote: More specifically, the Proposal will provide for a payment in full of Secured Claims and will provide a significant recovery in respect of Affected Creditor Claims. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: debtor · class label: Secured Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Within thirty (30) Business Days following the granting of the Approval Order, the Crown Claims, if any, will be paid by the Proposal Trustee, in full with related interest and penalties as prescribed by the applicable laws, regulations and decrees. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: debtor · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Within thirty (30) Business Days following the granting of the Approval Order, the Preferred Claims, if any, will be paid in full by the Proposal Trustee. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: debtor · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proposal Sponsor made a parallel and entirely voluntary offer to holders of limited partnership units in YG LP as well as other claims found by me to be equity claims (i.e. the related party claims) to sell their equity interests for 12.5% of the value of such interests subject to certain structuring conditions. · pct of: unstated · outcome: distribution · pct low: 12.5 · pct high: 12.5 · class key: equity · stated by: debtor · class label: equity holders / related party claims · interim final: unstated · related party: true · claims qualifier: unstated · stated on: 2022-05-11 · table missing: