Alberta · Proposal
Form 40 – Report of Trustee on Proposal
Court officer report · 26 May 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- financial positionnote: Estimated Realizable Value total: $1,598,600. Liabilities are included as part of Exhibit 'C' (secured creditor claims ~$1,861,000, preferred ~$50,500, unsecured ~$2,700,000) and are not summed here per instructions. · as at: 2021-02-28 · basis: Estimated Book Value - unaudited; Estimated Realizable Value as separately assessed · scope: entity - Newsco International Energy Services Inc. (Subsidiaries not included) · currency: CAD · total assets: 6743091
- purchaserSawafi Newsco USA, LLC.
- recovery outcomeentries: basis: plan · quote: the Judith Melville Secured Claim shall be paid in full; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Judith Melville Secured Claim · creditor name: Judith Melville · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Creditors will be paid in full in priority to the Unsecured Creditors, including the statutory severance claims of terminated employees; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proposal provides for a recovery of approximately 8 percent for Unsecured Creditors. · pct of: unstated · outcome: distribution · pct low: 8 · pct high: 8 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: we estimate the recoveries available for Unsecured Creditors in the event of bankruptcy to be $Nil. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In the event of a bankruptcy scenario, it is anticipated the Secured Creditors will enforce under their security and will incur a shortfall in their efforts. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2021-04-22 · table missing:
- sale outcometext: the Proposal will make available $320,000 in funds for the Company's creditors affected by the Proposal · scope: whole_business · status: approved