Alberta · CCAA
19. Nineteenth Report of the Monitor
Court officer report · 25 February 2010
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What we verified from this filing10 verified
- closing confirmedscope: the Dokie Project · outcome: completed · effective: 2009-12-10 · date basis: stated
- disbursementsnote: Labeled 'Distributions' total (b) in the financial events summary table, covering the period of the CCAA proceedings. · since: commencement of CCAA proceedings (November 4, 2008) · amount: 35463642 · currency: CAD
- operational summaryEarthFirst has sold its major assets (the Dokie Project and other wind projects) and is finalizing the sale of its remaining corporate attributes (tax pools and the Buffalo-Atlee project) to Maxim Power Corp., after which it intends to complete distributions and wind up its CCAA proceedings.
- professional feesnote: Cumulative figure from the financial events summary table; not broken out by individual professional. · party: professionals (aggregate, since commencement of CCAA proceedings) · amount: 3369316 · period: since November 4, 2008 (Initial Order) to date of report · currency: CAD
- purchaserprice: sealed: false · scope: the Dokie Project · status: closed · name note: Purchaser under the Dokie APA, referenced in prior reports · structure: assets · name source: recital · relationship: unstated; Maxim Power Corp.; price: note: amount reflected as 'Sale of Other Projects' recovery in financial summary table · basis: cash · amount: 2499965 · sealed: false · currency: CAD · scope: Other Projects, with the exception of the Buffalo-Atlee project · status: closed · name note: purchasers of EarthFirst's Other Projects, unnamed · structure: assets · name source: recital · relationship: unstated
- receipts cumulativenote: Labeled 'Recoveries' total (a) in the financial events summary table, covering the period of the CCAA proceedings. · since: commencement of CCAA proceedings (November 4, 2008) · amount: 43091404 · currency: CAD
- recovery outcomeentries: basis: actual · quote: EarthFirst has closed the Dokie APA with the Purchaser and in accordance with the Amended Plan made an initial distribution to the Affected Creditors of EarthFirst in the amount of 52% of each Affected Creditors' accepted claim. · pct of: unstated · outcome: distribution · pct low: 52 · pct high: 52 · class key: unsecured · stated by: monitor · cumulative: false · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The second distribution under the Amended Plan is estimated to be approximately 28% of the Affected Creditors' claims and will be issued by EarthFirst's legal counsel, Macleod Dixon LLP ("EarthFirst's Legal Counsel") shortly after the closing of the sale of the Corporate Attributes to Maxim. · pct of: unstated · outcome: distribution · pct low: 28 · pct high: 28 · class key: unsecured · stated by: monitor · cumulative: false · class label: Affected Creditors · interim final: interim · claims qualifier: unstated; basis: estimated · quote: The amount of the third distribution is expected to be approximately 1.0% of Affected Creditors' accepted claims. · pct of: unstated · outcome: distribution · pct low: 1 · pct high: 1 · class key: unsecured · stated by: monitor · cumulative: false · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Under the Amended Plan, the Affected Creditors will recover approximately 80% of their poven claims against EarthFirst, therefore holders of EarthFirst's shares, · pct of: unstated · outcome: distribution · pct low: 80 · pct high: 80 · class key: unsecured · stated by: monitor · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2010-02-25 · table missing:
- report date25 February 2010
- report noNineteenth Report
- sale outcometext: Corporate Attributes sale expected to close March 2, 2010; Dokie and Other Projects sold · scope: parcel · status: pending_approval