Quebec · Bankruptcy
Trustee's Report to the Creditors on Preliminary Administration
Court officer report · 15 May 2017
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What we verified from this filing10 verified
- appointeeDELOITTE RESTRUCTURING INC.
- appointee roleTrustee
- courtS U P E R I O R C O U R T
- court file no500-11-052458-177
- provincePROVINCE OF QUEBEC
- commencement date24 April 2017
- financial positionnote: Assets shown as '-' (none); liabilities comprise Unsecured creditors - Intercompany (HII) 82,219,858, Unsecured creditors - Series 7 Bonds 11,133,391, Unsecured creditors - Others 5,320,884, totaling 98,674,133; surplus (deficit) before professional fees (98,674,133). · as at: 2017-04-24 · basis: unaudited Statement of Affairs (estimated net realization value) · scope: entity - HII (88) GP Inc. (GP88) · currency: CAD · total assets: 0 · total liabilities: 98674133
- operational summaryGP88, formed solely to act as managing general partner of Homco 88, has no assets and no ongoing purpose since Homco 88 (itself asset-less after the sale of the Kai Property and distribution of proceeds to secured creditors) filed for bankruptcy; both entities have now been assigned into bankruptcy with no expected recovery for unsecured creditors.
- recovery outcomeentries: basis: estimated · quote: The Trustee estimates that there will not be any proceeds available for distribution to unsecured creditors as there is no asset in the Bankrupt's estate (as described above). · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Trustee estimates that there will not be any proceeds available for distribution to unsecured creditors as there is no asset in the Bankrupt's estate (as described above). · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The Kai Property's remaining proceeds (' Kai Remaining Proceeds ') were then of approximately $23M, and they were insufficient to reimburse the claim of the holders of the Series 7 Bonds in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: holders of the Series 7 Bonds · claims amount: 43154891 · creditor name: Series 7 Bond Claim Holders · interim final: unstated · claims qualifier: asserted · stated on: 2017-05-15 · table missing:
- report date15 May 2017