Ontario · CCAA
Fifth Report of Richter Advisory Group Inc., in its capacity as Monitor – dated October 20, 2020
Court officer report · 20 October 2020
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
- operational summaryThe company continues operating as a going concern in a CCAA process, with a creditors' plan overwhelmingly approved at the October 16, 2020 meeting and a sanction order, implementation, and wind-up of the CCAA proceedings now being sought; it reported a net cash inflow of about $1.3 million over the four-week comparison period and a favourable variance versus forecast.
- professional feesnote: Richter disbursements $49,966.59 and BLG disbursements $647.16, all excluding sales taxes; estimated remaining fees $150,000 (Richter $100,000, BLG $50,000) excluding disbursements and taxes through to the Monitor's Second Certificate. · party: Richter Advisory Group Inc. (Monitor) - fees; BLG (Monitor's counsel) fees of $188,307.00 · amount: 554444.45 · period: April 27, 2020 to October 18, 2020 (Richter); June 2, 2020 to October 18, 2020 (BLG) · currency: CAD
- recovery outcomeentries: basis: plan · quote: a cash distribution equal to 20 cents for every dollar of their Proven Claim from the Company, with the support of the Parent using its existing facilities (as may be amended, modified or restated); and · pct of: proven_claims · outcome: distribution · pct low: 20 · pct high: 20 · class key: unsecured · stated by: monitor · class label: Affected Creditors (that are not Convenience Creditors) with Proven Claims · interim final: unstated · conditional on: plus a Promissory Note for 30 cents on the dollar, payable over 18 monthly installments conditional on the Company generating sufficient free cashflow · cents on dollar: 20 · claims qualifier: unstated; basis: plan · quote: a promissory note (the ' Promissory Note ') with a face value equal to 30 cents for every dollar of their Proven Claim, payable by the Company over 18 equal consecutive monthly installments on the last day of each calendar month, commencing on January 31, 2021 · pct of: proven_claims · outcome: distribution · pct low: 30 · pct high: 30 · class key: unsecured · stated by: monitor · class label: Affected Creditors (that are not Convenience Creditors) with Proven Claims - Promissory Note · interim final: unstated · conditional on: payments under the Promissory Note are conditional upon the Company generating sufficient free cashflow · cents on dollar: 30 · claims qualifier: unstated; basis: plan · quote: Affected Creditors with Proven Claims owed up to and including $7,000 will be paid in full (' Convenience Creditors ') by RCCL, with the support of the Parent using its existing facilities; · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: Convenience Creditors (Affected Creditors with Proven Claims owed up to and including $7,000) · interim final: unstated · conditional on: claims up to and including $7,000 · claims qualifier: unstated; basis: plan · quote: The Plan contemplates that no distributions will be made in respect of Intercompany Claims. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Intercompany Claims · interim final: unstated · related party: true · claims qualifier: unstated · stated on: 2020-10-20 · table missing:
- report date20 October 2020
- report noFifth Report