Ontario · CCAA
Monitor’s Second Report
Court officer report · 14 October 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: liquidation_alternative · quote: full payment (100% recovery) in respect of RBC's secured claim of $2.2 million; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · amount low: 2200000 · amount high: 2200000 · class label: RBC secured claim · claims amount: 2200000 · creditor name: RBC · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: full payment (100% recovery) in respect of the Cadillac Fairview Entities' secured claim, including: (a) a fixtures loan of $198,000; and (b) amounts totalling $1.1 million in respect of the Cadillac Fairview Leases (calculated pursuant to subsection 136(1)(f) of the BIA); · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Cadillac Fairview Entities' secured claim · creditor name: Cadillac Fairview Entities · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: full payment (100% recovery) in respect of the remaining two lease claims totalling $540,000 (calculated pursuant to subsection 136(1)(f) of the BIA); and · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: landlord · stated by: monitor · amount low: 540000 · amount high: 540000 · class label: remaining two lease claims · claims amount: 540000 · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: a recovery to remaining creditors in the range of approximately 1.8% to 26% in respect of unsecured claims estimated to be $11 million in aggregate. · pct of: unstated · outcome: distribution · pct low: 1.8 · pct high: 26 · class key: unsecured · stated by: monitor · class label: remaining creditors in respect of unsecured claims · claims amount: 11000000 · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: it is beneficial to the landlord group as a whole as it: (a) provides for the continued operation of six of MEI's eight locations; 6 and (b) provides for a cash payment of approximately $520,000 to the Yonge & Bloor Landlord in respect of the Affected Landlord Claim, which is estimated to be the maximum amount that it would otherwise receive in a bankruptcy; and · pct of: unstated · outcome: distribution · class key: landlord · stated by: monitor · amount low: 520000 · amount high: 520000 · class label: Yonge & Bloor Landlord (Affected Landlord Claim) · creditor name: Yonge & Bloor Landlord · interim final: unstated · claims qualifier: unstated; basis: plan · quote: with the exception of the Affected Landlord Claim, the Proposed Transaction provides that all secured and unsecured claims are paid in full or assumed; · pct of: unstated · outcome: paid_in_full · class key: landlord · stated by: monitor · class label: secured and unsecured claims (other than Affected Landlord Claim) · interim final: unstated · claims qualifier: unstated · table missing: