Nova Scotia · NOI
Report of Trustee on the Proposal
Court officer report · 24 February 2014
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What we verified from this filing9 verified
- appointeeDeloitte Restructuring Inc.
- appointee roleTrustee in Bankruptcy
- commencement date15 November 2013
- courtNOVA SCOTIA BANKRUPTCY COURT
- court file no37734
- provinceNOVA SCOTIA
- statutory basissubsection 50.4 of the Bankruptcy and Insolvency Act
- financial positionnote: Assets: Equipment book value $1,387,043 (realizable $500,000-$650,000); Silver Hake Licence & Quota book value $219,111 (realizable $500,000-$1,000,000); Total book value $1,606,154 (estimated realizable $1,000,000-$1,650,000). Liabilities per creditor claims: Priority $0; Secured 4 creditors $1,795,515; Preferred $0; Unsecured 12 creditors $1,895,059; Total 16 creditors $3,690,574. · as at: 2014-02-10 · basis: Statement of Affairs management estimate; book value with estimated realizable value in liquidation · scope: entity - D'Eon Fisheries Limited · currency: CAD · total assets: 1606154 · total liabilities: 3690574
- recovery outcomeentries: basis: plan · quote: An amount to be determined for payment in full of Subsequent Creditor's claims against D'Eon Fisheries as at the Effective Date; · pct of: unstated · outcome: paid_in_full · stated by: trustee · class label: Subsequent Creditor's claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: An amount to be determined for payment in full of Priority Claims outstanding against D'Eon Fisheries as at the Effective Date; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · class label: Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: An amount to be determined for payment in full of BMO's advances to D'Eon Fisheries (which includes amounts due from Blue Wave, all of which were guaranteed by D'Eon Fisheries and secured against its assets) as at the Effective Date; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: BMO's advances · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: plan · quote: $200,000 cash payment to be made on the Effective Date; or · pct of: unstated · outcome: distribution · class key: secured · stated by: trustee · amount low: 200000 · amount high: 300000 · class label: ERDT's outstanding advances · creditor name: ERDT · interim final: unstated · conditional on: ERDT will elect either a $200,000 cash payment on the Effective Date, or $300,000 of indebtedness assumed by Newco payable over five Fiscal Years · claims qualifier: unstated; basis: plan · quote: NSBI will compromise and release its Claim against D''Eon Fisheries, but shall not be entitled to receive any distribution from the Fund; · pct of: unstated · outcome: nil · class key: secured · stated by: trustee · class label: NSBI's advances outstanding · creditor name: NSBI · interim final: unstated · claims qualifier: unstated; basis: plan · quote: will be paid in full, without interest; · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: trustee · class label: Unsecured Creditors (Convenience Class portion) · interim final: unstated · conditional on: Applies to Convenience Class portion of each Unsecured Creditor's Proven Claim · claims qualifier: unstated; basis: plan · quote: an Unsecured Creditors would not receive any distribution, as opposed to a distribution in the range of 10 - 25% contemplated by the terms of the Proposal. · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 25 · class key: unsecured · stated by: trustee · class label: Unsecured Creditors (balance of Proven Claims) · interim final: unstated · conditional on: Unsecured Creditors elect either 10% of Proven Claim less Convenience Class payment from the Fund, or 25% payable from Distributable Free Cash Flow over 5 Fiscal Years limited to 30% of Distributable Free Cash Flow per year · claims qualifier: unstated; basis: plan · quote: Deferred Creditors shall not receive any distribution in this Proposal. · pct of: unstated · outcome: nil · stated by: trustee · class label: Deferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All Preferred Creditors will be paid in full, without interest, under the statutory requirements · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2014-02-24 · table missing: