Alberta · CCAA
Appendix - Brief re Plan Sanction Order
Plan sanction / final order · 28 January 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: If the Plan is approved, the 104 small creditors comprising the Convenience Class will each receive $5,000; approximately 100 parties will share pari passu in an unsecured claims pool of $3 million dollars, or about 2.4% on the dollar recovery. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: court · amount low: 5000 · amount high: 5000 · class label: Convenience Class (creditors with claims of less than $5,000) · interim final: unstated · conditional on: If the Plan is approved · claims qualifier: unstated; basis: plan · quote: If the Plan is approved, the 104 small creditors comprising the Convenience Class will each receive $5,000; approximately 100 parties will share pari passu in an unsecured claims pool of $3 million dollars, or about 2.4% on the dollar recovery. · pct of: unstated · outcome: distribution · pct low: 2.4 · pct high: 2.4 · class key: unsecured · stated by: court · class label: general unsecured creditors (unsecured claims pool) · interim final: unstated · conditional on: If the Plan is approved · cents on dollar: 2.4 · claims qualifier: unstated; basis: plan · quote: Moreover, the second lien noteholders will see the secured portion of their claims converted from debt to equity, but their deficiencies are subject to the same 2.4 cents on the dollar that the trade creditors will receive under the Plan. · pct of: unstated · outcome: distribution · pct low: 2.4 · pct high: 2.4 · class key: secured · stated by: court · class label: second lien noteholders deficiency claims · creditor name: Second Lien Noteholders · interim final: unstated · cents on dollar: 2.4 · claims qualifier: unstated; basis: plan · quote: creditors may elect to receive a cash payment of 25% of their claims in full satisfaction of their claims and all of their rights against the Applicant or any other person in respect of their claims (the "Cash Exit Option") · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: court · class label: Nelson creditors (Cash Exit Option) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: then the corporation may end up being wound up and creditors may recover less than the approximately 42% recovery over five years that is estimated by the Monitor in a bankruptcy or other form of liquidation at this time. · pct of: unstated · outcome: shortfall · pct low: 42 · pct high: 42 · class key: unsecured · stated by: monitor · class label: Nelson unsecured creditors (liquidation/bankruptcy alternative) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Existing Shareholders will not be entitled to any distributions under the Plan or other compensation from the CMI Entities on account of their equity interests in Canwest Global. · pct of: unstated · outcome: nil · class key: equity · stated by: court · class label: Existing Shareholders (Canwest Global) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Plan offers the Senior Secured Noteholders payment of 97 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 97 · currency: USD · pct high: 97 · class key: secured · stated by: monitor · class label: Senior Secured Noteholders · claims amount: 175000000 · creditor name: Senior Secured Noteholders · interim final: unstated · currency quote: US$175,000,000 · cents on dollar: 97 · claims qualifier: unstated; basis: unstated · quote: The enhancements to unsecured claims involved the removal of the cap on the unsecured pool and an increase from 12 to 14 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 14 · pct high: 14 · class key: unsecured · stated by: court · class label: affected unsecured creditors (including Unsecured Noteholders) · interim final: unstated · cents on dollar: 14 · claims qualifier: unstated · table missing: