Ontario · Proposal
First Report to Court of the Proposal Trustee dated June 29, 2022
Court officer report · 29 June 2022
What we verified from this filing5 verified
- financial positionnote: Secured obligations of approximately $16.5 million and known unsecured obligations of approximately $29.5 million; assets at net book value approximately $5.4 million, principally comprised of its interest in the Subsidiaries. · basis: Company's books and records, net book value estimate · scope: entity - Clearford Water Systems Inc. · currency: CAD · total assets: 5400000
- operational summaryThe Company's ongoing operations depend on continued Sponsor funding, with its primary focus being raising capital for and providing administrative services to its operating Subsidiaries.
- recovery outcomeentries: basis: estimated · quote: If admitted in full (the claim is still being reviewed), Ordinary Creditors are estimated to receive a distribution equal to approximately 67% of their claims based on the claims filed to date, which is still greater than the amount that creditors would receive in a bankruptcy or secured creditor enforcement, and accordingly, admittance of this claim does not affect the Proposal Trustee's recommendation of the Proposal. · pct of: unstated · outcome: distribution · pct low: 67 · pct high: 67 · class key: unsecured · stated by: proposal_trustee · class label: Ordinary Creditors · interim final: unstated · conditional on: if the CFO's claim is admitted in full · claims qualifier: unstated · stated on: 2022-06-29 · table missing:
- report date29 June 2022
- report noFirst Report