Ontario · Proposal
Fourth Report of the Proposal Trustee dated July 15, 2021
Court officer report · 15 July 2021
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 filing4 verified
- operational summaryConstruction of the YSL Project remains suspended, with the debtors seeking court approval of a further amended proposal (sponsored by Concord Properties) to fund creditor distributions and transfer the project to the sponsor, after the court rejected an earlier version.
- recovery outcomeentries: basis: plan · quote: Within thirty (30) Business Days following the granting of the Approval Order, the Crown Claims, if any, will be paid by the Proposal Trustee, in full with related interest and penalties as prescribed by the applicable laws, regulations and decrees. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Within thirty (30) Business Days following the granting of the Approval Order, the Preferred Claims, if any, will be paid in full by the Proposal Trustee. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: provide for payment in full of the Secured Claims; and · 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: If the total Proven Claims are less than $65 million (the 'Maximum Proposal Claims Amount'), Affected Creditors are to receive a distribution of 58% of the face value of their Affected Creditor Claims (the 'Affected Creditor Share'). · pct of: unstated · outcome: distribution · pct low: 58 · pct high: 58 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · conditional on: If the total Proven Claims exceed $65 million, Affected Creditors are to receive an amount equal to the face value of such Affected Creditor Claim multiplied by the formula 0.58 x (X/Y) · cents on dollar: 58 · claims qualifier: unstated; basis: plan · quote: | Third Amended Proposal V2 Distributions Summary - Illustrative ($000) Affected Creditor Cash Pool 30,900 High Low Total Affected Creditor Claims 1 43,348 11,866 Dividend percentage for Affected Creditors 71% 100% Potential distribution to Equityholders - 19,034 | · pct of: unstated · outcome: distribution · pct low: 71 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: the Third Amended Proposal provides an opportunity for Affected Creditors to receive a full recovery on their Affected Creditor Claims if the total Affected Creditor Claims are under $30.9 million, whereas the Second Amended Proposal provides for a maximum recovery of 58¢ on the dollar, which would be lower if total Affected Creditor Claims exceed $65 million. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · conditional on: if the total Affected Creditor Claims are under $30.9 million · claims qualifier: unstated; basis: plan · quote: There was some controversy about what precisely the lien claimants received in return for agreeing to convert claims that were to be paid $1.00 per $1.00 of valid claims under the Proposal into claims receiving no more than $0.58 per dollar of claim value. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: pmsi_lessor · stated by: court · class label: Unaffected Creditors (Construction Lien Claims) · interim final: unstated · cents on dollar: 100 · claims qualifier: unstated; basis: plan · quote: There was some controversy about what precisely the lien claimants received in return for agreeing to convert claims that were to be paid $1.00 per $1.00 of valid claims under the Proposal into claims receiving no more than $0.58 per dollar of claim value. · pct of: unstated · outcome: distribution · pct low: 58 · pct high: 58 · class key: unsecured · stated by: court · class label: unsecured creditors (electing/converted lien claimants) · interim final: unstated · cents on dollar: 58 · claims qualifier: unstated · stated on: 2021-07-15 · table missing:
- report date15 July 2021
- report noFourth Report