British Columbia · Proposal
Trustee's Report on the Proposal
Court officer report · 6 January 2017
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 filing11 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- appointeeAlvarez & Marsal Canada Inc.
- appointee roletrustee
- commencement date30 December 2016
- statutory basisPart III, Division I of the Bankruptcy and Insolvency Act (Canada)
- cash on handnote: Cash as at the Filing Date per the combined balance sheet summary ($243K); the Statement of Estimated Realizations also carries cash of $243K. · as at: 2016-12-30 · amount: 243000 · currency: CAD · qualifier: approximately
- financial positionnote: Amounts in $000s. Total liabilities of $15,586K = accounts payable and accrued liabilities $976K + intercompany loans $1,866K + secured loans and debentures $12,744K; shareholders' equity $2,816K. Assets include advances to and investments in subsidiaries of $17,929K (about 97% of the total), cash $243K. Separately, the Trustee's summary of estimated creditor claims totals $15,643K (24 claims). Statement of Estimated Realizations values assets at $10.9M (proposal) or $8.8M (bankruptcy) versus $12.7M of secured claims. · as at: 2016-12-30 · basis: Management's combined unaudited balance sheet summary as at the Filing Date; assets reported at book value ('The Companies have reported assets with a book value of $18.4 million'). The Trustee has not audited or verified the information. · scope: Combined balance sheet of Sea Breeze Power Corp. and Sea Breeze Energy Inc. · currency: CAD · total assets: 18402000 · total liabilities: 15586000
- operational summaryDevelopment-stage hydro-electric and wind power developer with no operating revenue, unable to raise further capital. It filed a joint BIA proposal to restructure Power and orderly liquidate its assets, with the Secured Creditor Sponsors buying the Transaction Assets under a PSA and funding the proceedings.
- professional feesnote: Not fees incurred to date: the figure is a retainer deposit provided by Power to guarantee the Trustee's fees and disbursements, funded by advances from the Secured Creditor Sponsors. The Trustee is paid on time spent at standard hourly rates plus disbursements. The estimated net cost of the proposal proceedings is $200,000, and the Secured Creditor Sponsors committed approximately $700,000 of additional funding. · party: Alvarez & Marsal Canada Inc. (Proposal Trustee) · amount: 50000 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: | Consultant's Claim | 157 | 157 | 100% | 157 | | 0% | · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: trustee · amount low: 157 · amount high: 157 · class label: Consultant's Claim · claims amount: 157 · interim final: unstated · claims qualifier: unstated; basis: plan · quote: | Voting Unsecured Creditors | 876 | 486 | 56% | 876 | | 0% | · pct of: unstated · outcome: distribution · pct low: 56 · pct high: 56 · class key: unsecured · stated by: trustee · amount low: 486 · amount high: 486 · class label: Voting Unsecured Creditors · claims amount: 876 · interim final: unstated · claims qualifier: unstated; basis: plan · quote: | Total Estimated Recovery to Unsecured Creditors | $ 3,527 | $ 643 | 18% | $ 4,934 | $ | 0% | · pct of: unstated · outcome: distribution · pct low: 18 · pct high: 18 · class key: unsecured · stated by: trustee · amount low: 643 · amount high: 643 · class label: Total Estimated Recovery to Unsecured Creditors · claims amount: 3527 · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: it is likely that in the event of a bankruptcy there would be a shortfall to the Secured Creditor Sponsors and no recovery to unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured Creditor Sponsors · creditor name: Secured Creditor Sponsors · interim final: unstated · claims qualifier: unstated · shortfall amount: 3901000; basis: liquidation_alternative · quote: it is likely that in the event of a bankruptcy there would be a shortfall to the Secured Creditor Sponsors and no recovery to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: if all of the security of the Secured Creditor Sponsors was invalid and/or unenforceable, the estimated recovery to Voting Creditors (including the unsecured claims of the Secured Creditor Sponsors) would be approximately 64% assuming that $8.2 million could be realized from the Transaction Assets in a bankruptcy scenario. · pct of: unstated · outcome: distribution · pct low: 64 · pct high: 64 · class key: unsecured · stated by: trustee · class label: Voting Creditors (including the unsecured claims of the Secured Creditor Sponsors) · interim final: unstated · conditional on: if all of the security of the Secured Creditor Sponsors was invalid and/or unenforceable, in a bankruptcy scenario, assuming $8.2 million could be realized from the Transaction Assets · claims qualifier: unstated · stated on: 2017-01-06 · table missing:
- report date6 January 2017