Quebec · CCAA
Report of the Monitor on the State of the Petitioners’ Financial Affairs and the Plan of Arrangement – dated November 12, 2009
Plan of arrangement / compromise · 12 November 2009
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: The Secured Claims are not affected by the Plan and will be paid in full or dealt with in accordance with terr · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: Secured Creditors · claims amount: 47400000 · interim final: unstated · conditional on: or dealt with in accordance with terms of their agreements · claims qualifier: asserted; basis: plan · quote: the proposed Basket will yield a dividend ranging from approximately 8.15% of filed Unsecured Claims to 10.41% of allowed Unsecured Claims, the whole, before consideration of Crown Claims. · pct of: unstated · outcome: distribution · pct low: 8.15 · currency: CAD · pct high: 10.41 · class key: unsecured · stated by: monitor · amount low: 3000000 · amount high: 3000000 · class label: Unsecured Creditors · claims amount: 28828221 · interim final: unstated · conditional on: before consideration of Crown Claims; 8.15% is of filed Unsecured Claims and 10.41% of allowed Unsecured Claims · currency quote: All amounts are stated in Canadian dollars · claims qualifier: unstated; basis: plan · quote: then the Unsecured Creditor's having claims greater than $15,000 would likely receive pro-rata dividends, over the course of the 6 months following the Sanction Order, ranging from of 7.9 % of filed Unsecured Claims to 10.0% of allowed Unsecured Claims, the whole before consideration of Crown Claims. · pct of: unstated · outcome: distribution · pct low: 7.9 · pct high: 10 · class key: unsecured · stated by: monitor · class label: Unsecured Creditors having claims greater than $15,000 · interim final: unstated · conditional on: if all Unsecured Creditors with claims of $15,000 or less elect the $1,500 Option 1 Distribution; 7.9% of filed and 10.0% of allowed Unsecured Claims, before Crown Claims · claims qualifier: unstated; basis: liquidation_alternative · quote: As indicated above, should the Plan not be approved, the only realistic alternative to the Plan is bankruptcy which would result in no recovery to the Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Unsecured Creditors (liquidation in bankruptcy) · interim final: unstated · conditional on: if the Plan is not approved and bankruptcy results · claims qualifier: unstated; basis: liquidation_alternative · quote: The only realistic alternative to the Plan is bankruptcy, which would result in a significant shortfall to the Secured Creditors and further result in no recovery to the Unsecured Creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Secured Creditors (liquidation in bankruptcy) · interim final: unstated · conditional on: if the Plan is not approved and bankruptcy results · claims qualifier: unstated · stated on: 2009-11-12 · table missing: