Ontario · CCAA
Sixth Report of the Monitor
Court officer report · 16 October 2019
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: each General Unsecured Creditor in the General Unsecured Creditor class with a Proven Claim will receive a distribution in an amount equal to its pro rata share of the General Unsecured Pool, which is estimated to be a recovery of approximately 3.2% of its Proven Claim, subject to further reconciliation and finalization of Claims; · pct of: proven_claims · outcome: distribution · pct low: 3.2 · pct high: 3.2 · class key: unsecured · stated by: monitor · class label: General Unsecured Creditor class · interim final: unstated · conditional on: subject to further reconciliation and finalization of Claims · claims qualifier: unstated; basis: plan · quote: subject to any reduction referred to in (a) above, based on current estimates, it will result in a recovery to Landlords of approximately 3.2% based on how their claims would be calculated under the United States Bankruptcy Code · pct of: unstated · outcome: distribution · pct low: 3.2 · pct high: 3.2 · class key: landlord · stated by: monitor · class label: Landlord class · interim final: unstated · conditional on: subject to any reduction if the asserted claim is less than $3,840.00; based on how claims would be calculated under the United States Bankruptcy Code · claims qualifier: unstated; basis: liquidation_alternative · quote: If the First Amended CCAA Plan is not approved and there is no bankruptcy, the Term Loan Lenders would be entitled to all available funds in the estate, and unsecured creditors would not be entitled to a distribution resulting in no recovery in respect of their Claims. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors of the Payless Canada Entities (if the Plan is not approved and there is no bankruptcy) · interim final: unstated · conditional on: if the First Amended CCAA Plan is not approved and there is no bankruptcy · claims qualifier: unstated; basis: liquidation_alternative · quote: If the First Amended CCAA Plan is not approved and there is a bankruptcy, only the former employees who are now unsecured creditors would likely see a recovery on their claims through the implementation of WEPP, and the other unsecured creditors would not be entitled to a distribution. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: other unsecured creditors (if the Plan is not approved and there is a bankruptcy) · interim final: unstated · conditional on: if the First Amended CCAA Plan is not approved and there is a bankruptcy · claims qualifier: unstated; basis: estimated · quote: Since all, or substantially all, of the Payless Canada Entities' assets are subject to liens of the Terms Loan Lenders (who will not be paid in full), the Canadian GUC Amount is a "gift" · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Term Loan Lenders (Payless Canada Entities) · claims amount: 277200000 · interim final: unstated · claims qualifier: unstated · stated on: 2019-10-16 · table missing: