Alberta · NOI
Report of Trustee on Proposal - June 15, 2018.pdf
Court officer report · 15 June 2018
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 filing6 verified
- financial positionnote: Components only, not summed: consolidated estimated net realizable value of assets ranged $7,444,000 (low) to $8,566,000 (high); estimated administrative costs of liquidation ($525,000-$425,000); CRA pre-NOI source deductions ($961,000); CRA post-NOI source deductions ($100,000-$50,000); WEPPA ($220,000); funds available for distribution to secured creditors $5,638,000-$6,910,000; BDC indebtedness ($4,754,000); BMO indebtedness ($884,000-$1,866,000); net amount available for Ordinary Unsecured Creditors $nil to $290,000 in liquidation vs $750,000 under the Proposal. Figures are estimates/forecasts, not an audited financial position. · as at: 2018-04-27 · basis: unaudited financial information provided by the Companies' management; Estimated Net Realizable Value under a bankruptcy liquidation scenario · scope: consolidated - Unique Scaffold Inc., Unique Land Holdings Inc., and Procyk Asset Corporation (individually and combined) · currency: CAD
- operational summaryThe Companies continued operating during the NOI proceedings, improving liquidity through shareholder cash injections and profitability, collecting pre-NOI receivables subject to CRA requirements to pay, and negotiating amendments with their primary lender, aiming to continue as going concerns and preserve approximately 110 employees' jobs.
- professional feesnote: No specific fee amount stated; fees to be based on time spent by staff at regular billing rates plus disbursements, taxed by the Court. · party: Grant Thornton Limited (Proposal Trustee) · currency: CAD
- recovery outcomeentries: basis: plan · quote: Based on Companies' records as at the NOIs, the projected distribution to Affected Creditors is approximately 45% of their claim. · pct of: unstated · outcome: distribution · pct low: 45 · pct high: 45 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · claims amount: 1676000 · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: is in excess of the estimated distribution to Affected Creditors within a liquidation scenario (estimated to range from 0% to 17%) · pct of: unstated · outcome: distribution · pct low: 0 · pct high: 17 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Crown Claims, as defined in the Proposal, are to be paid in full in cash directly by the Companies on or before July 31, 2018, or such date as agreed by the CRA, provided it is no later than 6 months following approval of the Proposal by the Court. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Claims · claims amount: 960793 · creditor name: CRA · interim final: unstated · conditional on: paid in cash on or before July 31, 2018, or such date as agreed by the CRA, no later than 6 months following Court approval · claims qualifier: unstated; basis: plan · quote: The claims of Preferred Creditors shall be paid in full in cash, without interest or penalty, and subject to the Superintendent's Levy, in priority to the claims of Ordinary Unsecured Creditors. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · conditional on: without interest or penalty, subject to the Superintendent's Levy · claims qualifier: unstated · stated on: 2018-05-04 · table missing:
- report date4 May 2018
- report noReport of the Trustee on Proposal