Nova Scotia · NOI
Minutes of Meeting of Creditors held March 24, 2014
Meeting materials · 24 March 2014
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 filing2 verified
- financial positionnote: Assets by category (book value): Accounts receivable $1,571,432; Inventory $191,224; Capital Assets $1,925,086; estimated realizable value range $291,359 (low) to $708,162 (high) in liquidation. Liabilities per creditor claims at NOI Date: Priority $257,042 (2 creditors); Secured $3,773,970 (3 creditors); Preferred $0; Unsecured $900,928 (48 creditors); Total $4,931,940 (51 creditors). · as at: 2014-02-10 · basis: unaudited, per Company's Statement of Affairs / book value with Proposal Trustee estimated realizable values · scope: entity - Blue Wave Seafoods Inc. · currency: CAD · total assets: 3687742 · total liabilities: 4931940
- recovery outcomeentries: basis: plan · quote: a. $100,000 cash payment to be made on the Effective Date; or · pct of: unstated · outcome: distribution · class key: secured · stated by: proposal_trustee · amount low: 100000 · amount high: 100000 · class label: Secured Creditors · creditor name: NSBI · interim final: unstated · conditional on: NSBI elects either $100,000 cash on the Effective Date or $150,000 of indebtedness assumed by Newco payable over five Fiscal Years · claims qualifier: unstated; basis: plan · quote: 1. 10% of the Proven Claim less payment made through the Convenlence Class, without Interest, from the Fund; or · pct of: proven_claims · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: Option i, elected by the creditor, less payment made through the Convenience Class, from the Fund; the first $1,000 of each Proven Claim is paid in full without interest · claims qualifier: unstated; basis: plan · quote: li. 25% of Proven Claim less payment made through the Convenlence Class, without Interest, payable from Distributabie Free Cash Flow generated by Newco over the next 5 Fiscal Years, limlted to 30% of Distributable Free Cash Flow of Newco in any given Fiscal Year. · pct of: proven_claims · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: Option ii, elected by the creditor, less payment made through the Convenience Class, payable from Distributable Free Cash Flow of Newco over 5 Fiscal Years, limited to 30% of that cash flow in any given Fiscal Year · claims qualifier: unstated; basis: plan · quote: Deferred Credltors shall not recelve any distribution In thls Proposal. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Deferred Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2014-02-24 · table missing: