Ontario · NOI
Report of the Proposal Trustee on the Financial Situation of the Debtor and the Proposal – dated September 24, 2018
Court officer report · 24 September 2018
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 filing3 verified
- financial positionnote: Assets per SOA: Deposits in Financial Institutions $14,805,261; Accounts Receivable $150,000; Other (IP) unknown; Total $14,955,261. Total assets do not take into consideration any amounts realized from the D&O Trust. Liabilities per SOA: Secured $3,999,268; Preferred nil; Unsecured $37,545,862; Contingent nil; Total Claims $41,545,130. No as-at date is stated for the Statement of Affairs figures in this report (SOA sworn September 14, 2018; claims to be stated as at the April 6, 2018 NOI filing date). · basis: Debtors' Statement of Affairs (estimated realizable value of assets / estimated claims per SOA); based on unaudited financial information prepared by the NW Canada Entities' representatives, which the Proposal Trustee has not audited, reviewed or verified · scope: Consolidated: Jones Canada, Inc. and Nine West Canada LP (NW Canada Entities), administratively and substantively consolidated · currency: CAD · total assets: 14955261 · total liabilities: 41545130
- recovery outcomeentries: basis: plan · quote: (i) Professional Fees: subject to Article 6.2 of the Proposal and the provisions of the BIA, the Professional Fees will be paid in full as they become due; · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Professional Fees · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (ii) Crown Priority Claims: all Crown Claims that were outstanding as at the Filing Date, if any, shall be paid in full to Her Majesty in right of Canada or a Canadian province or territory, as applicable, within six months after the issuance of the Proposal Approval Order; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (iii) Employee Priority Claims: Employee Priority Claims, if any, will be paid in full in amounts to be determined by the Proposal Trustee pursuant to section 135 of the BIA; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Employee Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (iv) Pension Priority Claims: all Pension Claims that were outstanding as at the Filing Date, if any, shall be paid in full within six months after the issuance of the Proposal Approval Order; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Pension Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (vi) Secured Claims: any Secured Claims will be paid in full in amounts to be determined by the Proposal Trustee pursuant to section 135 of the BIA; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Secured Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (vii) Preferred Claims: the remaining Preferred Claims (after the payments provided in Articles 2.4(a) to (f) of the Proposal have been made, or reserves taken therefor), if any, shall be paid without interest in priority to the Proven Claims addressed by Article 2.4(h) of the Proposal; and · pct of: unstated · outcome: distribution · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims · interim final: unstated · conditional on: paid without interest in priority to the Proven Claims addressed by Article 2.4(h), after payments provided in Articles 2.4(a) to (f) have been made, or reserves taken therefor · claims qualifier: unstated; basis: estimated · quote: Based on (i) a Creditor's Fund estimated to be approximately $15 million, (ii) Secured Claims of approximately $4 million, (iii) Priority Claims ranging between $Nil and $500,000, and (iv) unsecured Claims of approximately $36.5 million (after taking into consideration the NW US' Entities postponement of $1 million of their unsecured Claims), the estimated distribution to unsecured Creditors per dollar of Proven Claim is estimated to be approximately 29% - 30%. · pct of: proven_claims · outcome: distribution · pct low: 29 · pct high: 30 · class key: unsecured · stated by: proposal_trustee · class label: unsecured Creditors · claims amount: 36500000 · interim final: unstated · claims qualifier: estimated · table missing:
- sale outcometext: orderly and supervised liquidation and wind-down of their operations · scope: liquidation · status: liquidation_in_progress