Quebec · Proposal
Report of the Trustee on Proposal
Court officer report · 19 December 2019
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What we verified from this filing2 verified
- financial positionnote: SOA asset total $6,882K vs. Estimated Net Realizable Value total of only $150K (most assets, e.g. mining properties $1,150K, patents $1,961K, technology development costs $3,375K, valued at nil in liquidation); SOA liability total $5,872K vs. 'Charge' column total $4,980K representing amounts secured by court-approved priority charges (Administration, DIP, KERP, Convertible debentures, Secured advances); liabilities a, b, c and e (post-filing obligations) are excluded from the SOA. · as at: 2019-11-14 · basis: Unaudited, Value per Statement of Affairs (SOA) as at Nov. 14, 2019 (in '000s); a separate 'Estimated Net Realizable Value' column shows a liquidation estimate of $150K in assets, and a 'Charge' column shows amounts secured under court-ordered charges totalling $4,980K · scope: Argex Titanium Inc. (single debtor entity), unconsolidated · currency: CAD · total assets: 6882000 · total liabilities: 5872000
- recovery outcomeentries: basis: plan · quote: third, to pay Secured Creditors the amount of their Secured Claims, in full, including principal and interest; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Within ten (10) Business Days after the Implementation Date, the Preferred Claims will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The distribution in a Proposal can range from 6% to 13% to the unsecured creditors depending on the claims in litigation/ arbitration. · pct of: unstated · outcome: distribution · pct low: 6 · pct high: 13 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Proposal, if executed, will allow for a greater realization (6%-13%) for the unsecured creditors vs a deemed bankruptcy which will likely not yield any realization for the benefit of the creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-12-23 · table missing: The following table compares the estimated dividend that would be available to creditors under a proposal versus a bankruptcy under these three (3) scenarios: