Ontario · CCAA
Fourth report of the Monitor
Court officer report · 17 December 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 filing2 verified
- fee scheduleengagements: form: prose · rows: · money: fees: quote: including fees of $558,601 and disbursements of $7,624.96 · amount: 558601 · total: quote: amount to $566,226 (the ' KPMG Fees and Disbursements ') · amount: 566226 · includes tax: false · includes disbursements: true · approximate: false · disbursements: quote: including fees of $558,601 and disbursements of $7,624.96 · amount: 7624.96 · period: end: 2020-11-30 · kind: invoice · label: Period · quote: The total fees and disbursements of the Monitor in the period from September 4, 2020 to November 30, 2020 (the ' Period ') · start: 2020-09-04 · approval: quote: approving the accounts of the Monitor and its counsel, Gowling WLG (Canada) LLP · state: sought · averages: rate: 463.47 · quote: The average hourly rate billed by the Monitor during the Period is $463.47. · currency: · invoices: · firm text: KPMG Inc. · firm quote: FOURTH REPORT OF KPMG INC. In its capacity as Monitor of the Applicants · context quote: approving the accounts of the Monitor and its counsel, Gowling WLG (Canada) LLP; form: prose · rows: · money: tax: label: HST · quote: $48,689.90 for HST · amount: 48689.9 · fees: quote: including $374,095.50 for fees, $636.10 for disbursements and $48,689.90 for HST · amount: 374095.5 · total: quote: The total amount being claimed for the work performed by Gowling WLG for the period ending November 30, 2020 is $423,421.50, including $374,095.50 for fees, $636.10 for disbursements and $48,689.90 for HST. · amount: 423421.5 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: including $374,095.50 for fees, $636.10 for disbursements and $48,689.90 for HST · amount: 636.1 · period: end: 2020-11-30 · kind: invoice · quote: Gowling WLG's fees and disbursements for the period ended November 30, 2020 are summarized in the invoices rendered to the Monitor · approval: quote: approving the accounts of the Monitor and its counsel, Gowling WLG (Canada) LLP · state: sought · averages: · currency: · invoices: · firm text: Gowling WLG (Canada) LLP · firm quote: Gowling WLG (Canada) LLP · context quote: its counsel, Gowling WLG (Canada) LLP (' Gowlings ')
- recovery outcomeentries: basis: plan · quote: Assuming the foregoing, this would result in an estimated recovery on Claims filed, before the consideration of the Unresolved Claims Reserve, of 26% on a preliminary basis. · pct of: unstated · outcome: distribution · pct low: 26 · pct high: 26 · class key: unsecured · stated by: monitor · class label: Affected Creditors · claims amount: 7900000 · interim final: unstated · conditional on: preliminary; before the Unresolved Claims Reserve; includes Additional Late Claims, approximately 36% if they are excluded · claims qualifier: estimated; basis: plan · quote: Should the Additional Late Claims not be included in the Claims Procedure, this would result in an estimated recovery on Claims filed, before the consideration of the Unresolved Claims Reserve, of 36% on a preliminary basis. · pct of: unstated · outcome: distribution · pct low: 36 · pct high: 36 · class key: unsecured · stated by: monitor · class label: Affected Creditors · interim final: unstated · conditional on: if the Additional Late Claims are not included in the Claims Procedure; preliminary; before the Unresolved Claims Reserve · claims qualifier: unstated; basis: liquidation_alternative · quote: the Plan provides for some recovery for Affected Creditors and, as set out in the Third Report, the Liquidation Analysis indicates that, in a liquidation scenario, no recovery for Affected Creditors would be anticipated; · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: the Liquidation Analysis indicates that the estimated range of liquidation values is anticipated to result in a significant shortfall to the secured creditors, and no recovery for unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Holders of Equity Claims will not receive a distribution or other consideration under the Plan and will not be entitled to vote on the Plan in respect of their Equity Claims. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Holders of Equity Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: are anticipated to ultimately recover their Tooling Claim in full following the Plan Implementation Date, subject to Tooling Receipts being paid by customers. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: tooling suppliers · claims amount: 2200000 · interim final: unstated · conditional on: subject to Tooling Receipts being paid by customers · claims qualifier: asserted · stated on: 2020-12-17 · table missing: