Alberta · CCAA
South Simcoe 2021 Annual Report
Court officer report · 31 May 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 filing5 verified
- cash on handnote: Amount held in a holding account to cover additional maintenance expenses related to the Far Sight Transaction and associated development; stated 'as of the South Simcoe 2021 Annual Report'. This is a ring-fenced holding account, not necessarily the estate's total cash. Separately, a 2022 Administrative Reserve of $250,000 was established. · amount: 322000 · currency: CAD
- operational summaryThe Monitor manages South Simcoe under the Enhancement Order; most of the Lands have been sold to Far Sight, with the Block 142 sale expected to close in Q3 2022. A 2021 distribution of $2.9 million (49% of proven claims) was made to unsecured creditors, with further distributions to follow once the sale closes.
- professional feesnote: Stated as approximately $52,100. Separately, management fees of approximately $130,000 were paid to WGIL pursuant to the Management Agreement. · party: Monitor, Monitor's legal counsel and South Simcoe's legal counsel (CCAA professional fees) · amount: 52100 · period: January 1, 2021 to December 31, 2021 · currency: CAD
- recovery outcomeentries: basis: actual · quote: In 2021, the Monitor made an aggregate distribution of $2.9 million to Claimants, representing 49% of the value of proven claims filed against South Simcoe. · pct of: proven_claims · outcome: distribution · pct low: 49 · currency: CAD · pct high: 49 · class key: unsecured · stated by: monitor · amount low: 2900000 · cumulative: false · amount high: 2900000 · class label: unsecured creditors with proven claims · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: proven · stated on: 2022-05-31 · table missing:
- report date31 May 2022