Quebec · CCAA
Monitor’s Report on the Plan
Court officer report · 10 March 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: liquidation_alternative · quote: It is further anticipated that in such a bankruptcy scenario, the net proceeds of a liquidation of the assets of the Company would be insufficient to reimburse the Secured Creditor and the LP Lender in full, such that no distribution would be made to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors (liquidation scenario) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Monitor estimates that the distribution to this creditor class would range from 26% to 100% of their claim, with the average being 66%. · pct of: unstated · outcome: distribution · pct low: 26 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Convenience Class Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The claimants that have Proven Claims against the Directors or Officers are expected to receive 100% of the amount of the Claim Against the Directors. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: monitor · class label: claimants with Proven Claims against the Directors or Officers · interim final: unstated · related party: true · claims qualifier: unstated; basis: estimated · quote: The balance of the Contribution, which is evaluated to be in an amount of $2.9M, would be distributed on a pro-rata basis amongst the Affected Unsecured Creditors, the expected dividend being approximately 11%. · pct of: unstated · outcome: distribution · pct low: 11 · currency: CAD · pct high: 11 · class key: unsecured · stated by: monitor · amount low: 2900000 · amount high: 2900000 · class label: Affected Unsecured Creditors · interim final: unstated · currency quote: CAN $ · claims qualifier: unstated; basis: plan · quote: first, the Employee Priority Claims and the Government Priority Claims will be paid in full; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: monitor · class label: Employee Priority Claims and Government Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Post-Filing Trade Payables will be paid in full by the Debtors in the normal course of their Business, as and when they become due; · pct of: unstated · outcome: paid_in_full · stated by: monitor · class label: Post-Filing Trade Payables · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Excluded Claims, if any, will remain in full force and effect in accordance with their terms after the Plan Implementation Date, and will be paid in full by the Debtors in the normal course of their Business, as and when they become due. · pct of: unstated · outcome: paid_in_full · stated by: monitor · class label: Excluded Claims · interim final: unstated · claims qualifier: unstated · stated on: 2021-03-09 · table missing: