Quebec · CCAA
Petition to Sanction a Plan of Arrangement – dated December 14, 2009
Plan of arrangement / compromise · 14 December 2009
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: The Plan provides for the payment in full of the Crown Claims and the claims of the Secured Creditors; · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: debtor · class label: Crown Claims and the claims of the Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Pursuant to the Plan, Unsecured Creditors have the option to receive payment in the amount of the lesser of their Unsecured Claim and CDN $1,500, in full and final settlement of all of their Claims ("Option 1 Distribution") · pct of: unstated · outcome: distribution · currency: CAD · class key: unsecured · stated by: debtor · amount high: 1500 · class label: Unsecured Creditors who elect Option 1 Distribution · interim final: unstated · conditional on: lesser of their Unsecured Claim and CDN $1,500, provided they completed and returned the Election and Voting Form by December 9, 2009 · currency quote: CDN $1,500 · claims qualifier: unstated; basis: plan · quote: Alternatively, Unsecured Creditors who do not elect for the Option 1 Distribution on the Election and Voting Form will receive their pro rata share of the balance of a $3 million basket after payment of Crown Claims and distributions to the Unsecured Creditors who elected for the Option 1 Distribution; · pct of: unstated · outcome: distribution · class key: unsecured · stated by: debtor · class label: Unsecured Creditors who do not elect Option 1 Distribution · interim final: unstated · conditional on: pro rata share of the balance of a $3 million basket after payment of Crown Claims and distributions to Option 1 electors · claims qualifier: unstated; basis: liquidation_alternative · quote: the only alternative to the Plan is the bankruptcy of the Petitioners, which would result in a significant shortfall to the Secured Creditors and no recovery to the Unsecured Creditors · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Secured Creditors · interim final: unstated · conditional on: in the bankruptcy of the Petitioners · claims qualifier: unstated; basis: liquidation_alternative · quote: the only alternative to the Plan is the bankruptcy of the Petitioners, which would result in a significant shortfall to the Secured Creditors and no recovery to the Unsecured Creditors · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Unsecured Creditors · interim final: unstated · conditional on: in the bankruptcy of the Petitioners · claims qualifier: unstated · stated on: 2009-11-10 · table missing: