Alberta · NOI
Report of Trustee on Proposal, dated November 24, 2020
Court officer report · 24 November 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 filing7 verified
- cash on handnote: As of the date of the Tingzon SOA (Statement of Affairs sworn in connection with the October 29, 2020 proposal filing). · amount: 154070 · currency: CAD · qualifier: approximately
- financial positionnote: Components only, not summed: Cash on hand approximately $154,070; Accounts receivable approximately $326,847 (of which ~$147,322 collectable, ~$166,845 uncertain, ~$12,680 likely uncollectible); Prepaid expenses and other current assets book value approximately $69,192; Property, plant and equipment relates to Equipment removed from Laval location. Estimated claims against the Company (Estimated Proven Claims) totalling $1,881,249, with total claims filed in Claims Process of $13,393,868 (including Related Party Creditor Claim of $11,491,408.08). · basis: Statement of Affairs management estimate (Tingzon SOA), unaudited · scope: entity - Olympus Food (Canada) Inc. · currency: CAD
- operational summaryOlympus has ceased operating its restaurant stores (all sold or closed prior to December 31, 2019), no longer has any employees, and continues to be managed by staff of related company Hi-Flyer while working through the proposal and claims process.
- professional feesnote: No specific cumulative fee figure stated in this report; fees to be based on time spent at billing rates plus expenses, paid from retainer held by Trustee and, if necessary, from funds provided by Hi-Flyer. Estimated professional fees in liquidation scenario range from $15,000 to $25,000. · party: Proposal Trustee (BDO Canada Limited) and its counsel, and other accounting/consulting professionals · currency: CAD
- recovery outcomeentries: basis: plan · quote: As illustrated above, under the current proposal scenario and based on the quantum of the Estimated Proven Claims of $1,881,249, Affected Creditors (excluding the Related Party Creditor) are estimated to receive an average distribution of approximately 19.1% on their Proven Claims and 18 creditors are estimated to be paid in full (less the OSB levy in both instances). · pct of: proven_claims · outcome: distribution · pct low: 19.1 · pct high: 19.1 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (excluding the Related Party Creditor) · claims amount: 1881249 · interim final: unstated · related party: false · claims qualifier: estimated; basis: liquidation_alternative · quote: Conversely, the Proposal Trustee estimates that, in a bankruptcy scenario, creditors may receive recoveries in the approximate range of 1.3% - 2.3% based on the assumptions illustrated above. · pct of: unstated · outcome: distribution · pct low: 1.3 · pct high: 2.3 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (in a bankruptcy scenario) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on the Company's preliminary calculations, the CF Landlords, who hold aggregate claims of $910,102.56, are anticipated to receive an aggregate distribution of approximately $151,111 under the Proposal (net of the OSB Levy). · pct of: unstated · outcome: distribution · class key: landlord · stated by: proposal_trustee · amount low: 151111 · cumulative: true · amount high: 151111 · class label: CF Landlords (Laval, D'Anjou and Ontrea) · claims amount: 910102.56 · creditor name: CF Landlords · interim final: unstated · claims qualifier: asserted · stated on: 2020-11-24 · table missing:
- report date4 November 2020
- report noReport of Proposal Trustee on Proposal