Ontario · CCAA
Ninth Report of the Monitor dated December 9, 2016
Court officer report · 9 December 2016
What we verified from this filing4 verified
- operational summaryThe Company remains under CCAA protection with mining activities suspended amid a prolonged low iron ore price environment, and is focused on completing its Plan of Compromise and Arrangement to restructure its balance sheet rather than resuming operations.
- recovery outcomeentries: basis: plan · quote: In consideration for its Intercompany Claims (which total approximately $293 million and any additional amounts secured by the Intercompany Charge 6 ), LIMH will have its existing shares of LIM diluted and reduced to approximately 51% of LIM's issued, post-Plan Implementation shares 7 and the Intercompany Claims will be extinguished. · pct of: unstated · outcome: distribution · pct low: 51 · pct high: 51 · class key: unsecured · stated by: monitor · class label: LIMH (Intercompany Claims) · claims amount: 293000000 · creditor name: LIMH · interim final: unstated · related party: true · claims qualifier: asserted; basis: plan · quote: Each Affected Unsecured Creditor of LIMH (of which there are eight), excluding Convenience Creditors (of which there are four, including SIPA), will release and discharge LIMH in exchange for a Pro Rata Share of 25% of the post-Plan Implementation issued shares of LIMH, with no creditor receiving more than 19.9% of the shares; · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: monitor · class label: Affected Unsecured Creditor of LIMH (excluding Convenience Creditors) · interim final: unstated · conditional on: no creditor receiving more than 19.9% of the shares · claims qualifier: unstated; basis: plan · quote: Convenience Creditors, being Creditors with Affected Unsecured Claims that, in the aggregate: i) are less than or equal to $5,000; or ii) exceed $5,000, but elect to value their claims at $5,000 for both voting and distribution purposes under the Plan, are to receive a cash distribution of the lesser of their claim amount or $5,000 ('Cash Elected Amount'). · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 5000 · amount high: 5000 · class label: Convenience Creditors · interim final: unstated · conditional on: cash distribution of the lesser of their claim amount or $5,000 · claims qualifier: unstated; basis: plan · quote: (a) common shares of Amalgamated LIM representing, in the aggregate and post implementation, approximately 49% of LIM's issued shares; and, · pct of: unstated · outcome: distribution · pct low: 49 · pct high: 49 · class key: unsecured · stated by: monitor · class label: Affected Unsecured Creditors of LIM/SMI (excluding Convenience Creditors and LIMH) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: If the Plan is not implemented, there is a significant probability that no distributions would be available to the general body of creditors or that any distributions would be insignificant. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: general body of creditors · interim final: unstated · conditional on: if the Plan is not implemented · claims qualifier: unstated · stated on: 2016-12-09 · table missing:
- report date9 December 2016
- report noNinth Report