Ontario · CCAA
Sixth Report of the Monitor
Court officer report · 16 October 2019
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: It is estimated that each General Unsecured Creditor will receive 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: 3. (a) $3,840.00 per Lease (provided that if there are multiple Landlords per Lease, only one payment of $3,840.00 shall be made); or · pct of: unstated · outcome: distribution · class key: landlord · stated by: monitor · amount low: 3840 · amount high: 3840 · class label: Landlord class · interim final: unstated · conditional on: lesser of $3,840.00 per Lease or the amount asserted in the Landlord's Notice of Dispute of Claim Statement or Proof of Claim, or if none filed, the amount in the Landlord's Claim Statement · 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 (excluding former employees) · interim final: unstated · conditional on: if the First Amended CCAA Plan is not approved and there is a bankruptcy · claims qualifier: unstated; basis: plan · quote: Term Loan Lenders holding Tranche A-1 Term Loan Secured Claims will receive their pro rata share of US$68,800,000 in cash (an increase of approximately US$1.8 million from the prior version filed) and will waive any distributions in respect of related deficiency claims. · pct of: unstated · outcome: distribution · currency: USD · class key: secured · stated by: monitor · amount low: 68800000 · amount high: 68800000 · class label: Tranche A-1 Term Loan Secured Claims · creditor name: Term Loan Lenders · interim final: unstated · currency quote: US$68,800,000 · claims qualifier: unstated; basis: plan · quote: Term Loan Lenders holding Tranche A-2 Term Loan Secured Claims can elect to receive their pro rata share of common ownership units in the reorganized Payless Holdings LLC, or cash in the amount of 10% of their allowed tranche A-2 claims, and in either case, will waive any distributions in respect of related deficiency claims. · pct of: allowed_claims · outcome: distribution · pct low: 10 · pct high: 10 · class key: secured · stated by: monitor · class label: Tranche A-2 Term Loan Secured Claims · creditor name: Term Loan Lenders · interim final: unstated · conditional on: can elect to receive pro rata share of common ownership units in the reorganized Payless Holdings LLC, or cash in the amount of 10% of their allowed tranche A-2 claims · claims qualifier: unstated; basis: plan · quote: i. General Unsecured Creditors of Payless ShoeSource Worldwide, Inc. and Collective Brands Logistics Limited (Class 5A) (" Class 5A General Unsecured Creditors ") will receive their pro rata share of US$8.4 million, plus certain unused amounts currently designated for professional fees; and · pct of: unstated · outcome: distribution · currency: USD · class key: unsecured · stated by: monitor · amount low: 8400000 · amount high: 8400000 · class label: Class 5A General Unsecured Creditors · creditor name: General Unsecured Creditors of Payless ShoeSource Worldwide, Inc. and Collective Brands Logistics Limited · interim final: unstated · conditional on: plus certain unused amounts currently designated for professional fees · currency quote: US$8.4 million · claims qualifier: unstated; basis: plan · quote: ii. General Unsecured Creditors of all other U.S. Debtors (Class 5B) (" Class 5B General Unsecured Creditors "), will receive their pro rata share of US$5.1 million, plus certain unused amounts currently designated for professional fees (less the Canadian GUC Amount of US$900,000); · pct of: unstated · outcome: distribution · currency: USD · class key: unsecured · stated by: monitor · amount low: 5100000 · amount high: 5100000 · class label: Class 5B General Unsecured Creditors · creditor name: General Unsecured Creditors of all other U.S. Debtors · interim final: unstated · conditional on: plus certain unused amounts currently designated for professional fees (less the Canadian GUC Amount of US$900,000) · currency quote: US$5.1 million · claims qualifier: unstated; basis: plan · quote: 4. (a) Administrative Claims (post-filing claims entitled to priority under U.S. law), Other Priority Claims (claims entitled to priority) and Other Secured Claims (mostly, claims secured by cash deposits or letters of credit), will be paid in full in cash. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: monitor · class label: Administrative Claims, Other Priority Claims and Other Secured Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The First Amended CCAA Plan provides that the Crown Priority Claims will be paid in full within six (6) months after the Sanction Order, as required by section 6(3) of the CCAA. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: monitor · class label: Crown Priority Claims · interim final: unstated · conditional on: within six (6) months after the Sanction Order · claims qualifier: unstated · stated on: 2019-10-16 · table missing: