Ontario · CCAA
Case Conference Brief of the Monitor dated July 4, 2024
Court officer report · 4 July 2024
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 filing19 verified
- courtSUPERIOR COURT OF JUSTICE
- court file no97-CV-2522
- provinceONTARIO
- statutory basisCompanies’ Creditors Arrangement Act, R.S.C. 1985, C. C-36, as amended
- applicantGandalf Technologies Inc. and Gandalf Canada Ltd.
- appointeeDeloitte Restructuring Inc.
- appointee roleMonitor
- commencement date25 July 1997
- secured creditorsnote: Class I secured creditor under both GTI Plan and GCL Plan; repaid in full from realizations of GTI, GCL and GSC per its first-ranking security. Separate US$1.5 million DIP/interim CDN$1.5 million Credit Facility also provided, subordinated to Employee Retention Plan Charge of CDN$1.4 million. · page: 87 · amount: 12600000 · debtor: Gandalf Technologies Inc. / Gandalf Canada Ltd. (Gandalf Group) · creditor: Royal Bank of Canada · currency: USD · security: First charge security interest over assets of GTI, GCL, GSC, and GDCL; General Security Agreements, Guarantees & Postponements of Claim (GSC US$15,000,000+ principal; GCL US$15,000,000+ and $3,000,000 principal), s.427 Bank Act security, assignments of debts, leases, patents/trademarks, insurance
- secured creditorsnote: Guaranteed by Gandalf Group with supporting security; PricewaterhouseCoopers appointed receiver of GDCL to recover this loan; repaid in full by GDCL directly to RBC · page: 87 · amount: 2300000 · debtor: Gandalf Digital Communications Ltd. (GDCL) · creditor: Royal Bank of Canada · currency: USD · security: Secured loan with security over all assets of GDCL
- secured creditorsnote: Class II - Other Secured Creditors under both Plans; any shortfall could be claimed in Class IV Unsecured Creditors; repaid in full, total distributions CDN$25,000 · page: 87 · debtor: Gandalf Technologies Inc. / Gandalf Canada Ltd. · creditor: Other secured creditors (PPSA registrants / posted collateral holders) · currency: CAD · security: Security by registration under Personal Property Security Act or by posted collateral
- unsecured creditorsnote: Disputed/litigated claim; damages sought in excess of stated amount (floor); settled by verbal settlement May 1999; funds held back per Chadwick Order pending outcome · page: 91 · basis: Class action lawsuit claim as reported · amount: 2000000 · debtor: Gandalf Systems Corporation · creditor: Amatuzio Class Claimants (former GSC employees, class action) · currency: USD
- unsecured creditorsnote: Claims limited to three months of accelerated rent per premise; ranks after Class I and Class II secured creditors but before ordinary unsecured; document names no individual creditors · page: 92 · basis: Class II(A) claim record, paid in full · amount: 150000 · debtor: Gandalf Technologies Inc. / Gandalf Canada Ltd. · creditor: Landlords - Real Property Creditors' Abandoned Premises Claims (four landlords, aggregate as reported) · currency: USD
- unsecured creditorsnote: Class III - Claims of Employees for Severance and Termination Pay, based on 'commonality of interests' doctrine, separate class from ordinary unsecured creditors; paid at pro-rata rate equivalent to Class IV · page: 93 · as of: 1999-11-12 · basis: Interim distribution record, 20 cents on the dollar · amount: 61000 · debtor: Gandalf Technologies Inc. · creditor: Employees of GTI - claims for severance and termination pay (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Additional distribution to GSC unsecured creditors; document names no individual creditors in this listing · page: 93 · as of: 2001-03-15 · basis: Interim distribution record, 20 cents on the dollar · amount: 144000 · debtor: Gandalf Systems Corporation · creditor: Unsecured creditors of GSC (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Employee portion of GCL Plan interim distribution; document names no individual creditors in this listing · page: 93 · as of: 1999-11-12 · basis: Interim distribution record, 20 cents on the dollar · amount: 453000 · debtor: Gandalf Canada Ltd. · creditor: Unsecured creditors (GCL, employees, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Class IV Unsecured Creditors under GCL Plan (non-employee portion); document names no individual creditors in this listing · page: 93 · as of: 1999-11-12 · basis: Interim distribution record, 20 cents on the dollar · amount: 1900000 · debtor: Gandalf Canada Ltd. · creditor: Unsecured creditors (GCL, non-employees, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Class IV Unsecured Creditors under GTI Plan; document names no individual creditors in this listing · page: 93 · as of: 1999-11-12 · basis: Interim distribution record, 20 cents on the dollar · amount: 858000 · debtor: Gandalf Technologies Inc. · creditor: Unsecured creditors (GTI and GCL, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Class V; each qualifying debenture holder to receive $2.00 in full satisfaction of claims; no amounts have been paid to date · page: 93 · basis: Plan terms as reported · debtor: Gandalf Technologies Inc. / Gandalf Canada Ltd. · creditor: Qualifying Debenture Holders (aggregate)