Ontario · Proposal
Motion Record (returnable January 23, 2024)
Application / notice of application · 23 January 2024
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What we verified from this filing8 verified
- commencement date17 January 2024
- courtSUPERIOR COURT OF JUSTICE
- court file noBK-23-02949717-0031
- provinceONTARIO
- appointeeB. Riley Farber Inc.
- appointee roleproposal trustee
- statutory basiss. 50 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- recovery outcomeentries: basis: plan · quote: All Employee Preferred Claims, if any, shall be paid out of funds to be delivered by the Debtor to the Trustee and shall be remitted by the Trustee to the entitled claimants within ten (10) Business Days after the Court Approval Date and in priority to the Unsecured Creditors. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Employee Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Proven Preferred Claims, if any, (which shall be satisfied pursuant this Proposal), shall be paid in full in priority to Proven Unsecured Claims out of funds to be delivered by the Debtor to the Trustee. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Proven Unsecured Claims shall be paid in full by way of the issuance of Common Shares of the Debtor. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: debtor · class label: Unsecured Claims · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Unsecured creditors would receive zero recovery in a bankruptcy; · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured creditors (bankruptcy scenario) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: There would be no recovery for shareholders in a bankruptcy scenario as the Company is insolvent, and existing shareholders have no economic interest in the reorganization. · pct of: unstated · outcome: nil · class key: equity · stated by: proposal_trustee · class label: Shareholders (bankruptcy scenario) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: | Shortfall to Unsecured Creditors | $9,765,956.25 | · pct of: unstated · outcome: shortfall · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 9789486.33 · interim final: unstated · claims qualifier: unstated · shortfall amount: 9765956.25 · stated on: 2023-07-31 · table missing: