Ontario · NOI
Proposal Trustee's First Report to Court_January 17 2025
Court officer report · 17 January 2025
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 filing10 verified
- courtSUPERIOR COURT OF JUSITCE
- court file noBK-25-00098475-0000
- provinceONTARIO
- report date17 January 2025
- report noFirst Report
- appointeeRaymond Chabot Inc.
- appointee roleProposal Trustee
- commencement date16 January 2025
- operational summaryThe Company is a respected leader in the cabinetry industry, employing approximately 130 people, and one of the largest employers in the Town of Renfrew, Ontario.
- recovery outcomeentries: basis: liquidation_alternative · quote: This transaction would have required an NOI filing and vesting order and provided for approximately $2.5M in cash to be distributed amongst the secured creditors only. · pct of: unstated · outcome: distribution · class key: secured · stated by: proposal_trustee · amount low: 2500000 · amount high: 2500000 · class label: secured creditors (competing transaction) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The unsecured creditors were to receive no distribution as part of this transaction. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors (competing transaction) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on the appraisal report, it is clear that the secured creditors would incur significant shortfalls in a bankruptcy scenario and there would be no funds available for the unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on the appraisal report, it is clear that the secured creditors would incur significant shortfalls in a bankruptcy scenario and there would be no funds available for the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: As indicated in the Chartrand Affidavit, the purchase price provided for in the APA is considerably higher than the only other offer received ($2.5M) and provides for an amount of $250,000 to be set aside to make a proposal to the unsecured creditors. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 250000 · amount high: 250000 · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-01-17 · table missing: