Ontario · Proposal
Sixth Report of the Proposal Trustee dated August 19, 2022
Court officer report · 19 August 2022
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 filing5 verified
- operational summaryThe Companies have completed their real estate development transaction under the approved Final Proposal, with title to the YSL Project transferred to an affiliate of the Sponsor; the Proposal Trustee is now focused on resolving remaining disputed creditor claims and a funding dispute with the Sponsor, rather than any ongoing business operations of the debtors.
- professional feesnote: Excludes HST; comprised of $19,307 plus HST owing to the Proposal Trustee since July 1, 2022 and $68,959 plus HST owing to counsel since June 1, 2022; unbilled time to end of July 2022 totals approximately $60,439 plus HST · party: Proposal Trustee (KSV) and its counsel Davies Ward Phillips & Vineberg LLP · amount: 88266 · period: since Implementation Date (July 22, 2021) to July 31, 2022 · currency: CAD
- recovery outcomeentries: basis: actual · quote: On March 24, 2022, the Proposal Trustee paid an interim distribution of 70¢ on the dollar to the creditors with Proven Claims. · pct of: unstated · outcome: distribution · pct low: 70 · pct high: 70 · class key: unsecured · stated by: proposal_trustee · cumulative: false · class label: creditors with Proven Claims · interim final: interim · cents on dollar: 70 · claims qualifier: unstated; basis: estimated · quote: | Estimated Distributions Amount ($000) High Low Affected Creditor Cash Pool 30,900 30,900 Claims Proven Claims 14,837 14,837 Ms. Athanasoulis - 19,000 CBRE 1,239 1,239 Mr. Zhang - 1,130 Total Claims 16,076 36,206 Dividend rate 100% 85.3% Residual for LPs 14,824 - | · pct of: unstated · outcome: distribution · pct low: 85.3 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · conditional on: resolution of the Disputed Claims (Ms. Athanasoulis, CBRE, Mr. Zhang) · claims qualifier: unstated; basis: estimated · quote: The Trustee's estimate is that Affected Creditors will receive between 71% of their claims and payment in full under version 2 of Amended Proposal #3 as contrasted with between 40% and 58% of their claims under Amended Proposal #2. · pct of: unstated · outcome: distribution · pct low: 71 · pct high: 100 · class key: unsecured · stated by: trustee · class label: Affected Creditors (under Amended Proposal #3, version 2) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Trustee's estimate is that Affected Creditors will receive between 71% of their claims and payment in full under version 2 of Amended Proposal #3 as contrasted with between 40% and 58% of their claims under Amended Proposal #2. · pct of: unstated · outcome: distribution · pct low: 40 · pct high: 58 · class key: unsecured · stated by: trustee · class label: Affected Creditors (under Amended Proposal #2) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: More specifically, the Proposal will provide for a payment in full of Secured Claims and will provide a significant recovery in respect of Affected Creditor Claims. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: debtor · class label: Secured Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Within thirty (30) Business Days following the granting of the Approval Order, the Crown Claims, if any, will be paid by the Proposal Trustee, in full with related interest and penalties as prescribed by the applicable laws, regulations and decrees. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Within thirty (30) Business Days following the granting of the Approval Order, the Preferred Claims, if any, will be paid in full by the Proposal Trustee. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated · stated on: 2022-08-19 · table missing:
- report date19 August 2022
- report noSixth Report