Saskatchewan · Proposal
Second Report of Alvarez & Marsal Canada Inc. in its capacity as Trustee
Court officer report · 4 July 2022
What we verified from this filing14 verified
- appointeeAlvarez & Marsal Canada Inc.
- appointee roleTrustee under the Notice of Intention to Make a Proposal
- courtCOURT OF QUEEN’S BENCH FOR SASKATCHEWAN
- court file noBKY-RG-00103-2022
- commencement date18 April 2022
- statutory basissubsection 50.4(1) of the Bankruptcy and Insolvency Act
- cash on handas at: 2022-06-24 · amount: 325163 · currency: CAD
- disbursementsnote: No single total disbursements figure given; reported by category for the Reporting Period (April 22 to June 24, 2022): operating cash disbursements totaling $246,000 (forecast $272,000), and non-operating cash disbursements (professional fees and costs) of approximately $55,000 (forecast $155,000). · since: April 22, 2022 · currency: CAD
- operational summaryJSI continues to operate while completing its NOI restructuring; it fully drew the $225,000 DIP Facility to fund ongoing operations (including additional employee layoffs beyond forecast), and under the accepted Stalking Horse Proposal Forage will become sole shareholder while trade creditors and employees continue to be paid in the ordinary course.
- professional feesnote: Excludes GST. Anticipated additional fees to complete administration estimated not to exceed $22,700 (excluding GST). Proposal Trustee's Counsel's fees and disbursements incurred through June 29, 2022 total $13,620.25 (excluding GST), with anticipated additional fees estimated not to exceed $18,500 (excluding GST). · party: Proposal Trustee (Alvarez & Marsal Canada Inc.) · amount: 93747.25 · period: April 18, 2022 to June 26, 2022 · currency: CAD
- receipts cumulativenote: Approximately $27,000 collected during the Reporting Period (April 22 to June 24, 2022) versus forecast of $42,000; variance attributed to timing of claims adjustment revenues. · since: April 22, 2022 · amount: 27000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: On the Proposal Implementation Date, in accordance with this Stalking Horse Proposal and subject to the conditions precedent set forth in Section 9.1 being satisfied or waived, each Affected Secured Creditor shall be entitled to receive a distribution of New Shares based on its Affected Pro Rata Share entitlement and which shall, and shall be deemed to, be received in full and final settlement of all Affected Secured Claims. · pct of: unstated · outcome: distribution · class key: secured · stated by: proposal_trustee · class label: Affected Secured Creditor · interim final: final · conditional on: subject to the conditions precedent set forth in Section 9.1 being satisfied or waived · claims qualifier: unstated; basis: plan · quote: On the Proposal Implementation Date, in accordance with this Stalking Horse Proposal and subject to the conditions precedent set forth in Section 9.1 being satisfied or waived, each Affected Unsecured Creditor shall be entitled to receive a distribution of cash in the amount of its respective Unsecured Creditors' Distribution based on the value of its Affected Unsecured Claim and which shall, and shall be deemed to, be received in full and final settlement of all Affected Unsecured Claims. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: Affected Unsecured Creditor · interim final: final · conditional on: subject to the conditions precedent set forth in Section 9.1 being satisfied or waived · claims qualifier: unstated; basis: plan · quote: At or after Proposal Implementation, all Unaffected Creditors will be paid in full and in accordance with the existing terms and conditions of their contractual arrangements with the Company or on such other terms and conditions as may be agreed to by each of the Company and the Unaffected Creditor in writing. · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Unaffected Creditor · interim final: unstated · claims qualifier: unstated; basis: plan · quote: all Persons holding Claims which relate to Trade Amounts shall be paid, in full, in the ordinary course of the Company's Business on the existing terms and conditions of their contractual arrangements with the Company, unless such Person(s) and the Company agree otherwise in writing. · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Persons holding Claims which relate to Trade Amounts · interim final: unstated · conditional on: unless such Person(s) and the Company agree otherwise in writing · claims qualifier: unstated; basis: plan · quote: Within six (6) months after Proposal Implementation, the Company will pay in full to Her Majesty in Right of Canada or any province any amount of a kind that could be subject to a demand under the statutory provision referred to in section 54(2.1) of the BIA that was outstanding on the Filing Date which has not been paid by Proposal Implementation. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Her Majesty in Right of Canada or any province (Crown Priority Claims) · interim final: unstated · claims qualifier: unstated · stated on: 2022-07-04 · table missing:
- report date4 July 2022
- report noSecond Report