Ontario · NOI
Notice of Proposal to Creditors , October 6, 2017
Notice to creditors · 6 October 2017
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 filing21 verified
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 9722 · debtor: Digital Underground Media Inc. · creditor: Tomik2 inc. · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 13600.77 · debtor: Digital Underground Media Inc. · creditor: Vilarreal Garcia · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 584 · debtor: Digital Underground Media Inc. · creditor: Ade & Company Inc · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 157500 · debtor: Digital Underground Media Inc. · creditor: Beacon Securities Limited · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 380.58 · debtor: Digital Underground Media Inc. · creditor: Best Best Krieger LLP · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 250000 · debtor: Digital Underground Media Inc. · creditor: David Chae · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 14604 · debtor: Digital Underground Media Inc. · creditor: Denise Cooper · currency: CAD
- unsecured creditorsnote: Related party; also referenced as party to Forbearance Agreement/security in Proposal · page: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 528291.47 · debtor: Digital Underground Media Inc. · creditor: DUM Holdings Inc. · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 42000 · debtor: Digital Underground Media Inc. · creditor: EY · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 31684 · debtor: Digital Underground Media Inc. · creditor: Gowlings WLG · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 90000 · debtor: Digital Underground Media Inc. · creditor: Innovex · currency: CAD
- unsecured creditorsnote: Related party; also DIP Lender under DIP Loan Agreement (facility limit $750,000) referenced in Proposal · page: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 2816031.78 · debtor: Digital Underground Media Inc. · creditor: JD Craig Holdings Inc · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 15680 · debtor: Digital Underground Media Inc. · creditor: Neil East Sound Broadcasting Ltd. (SBL) · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 7875 · debtor: Digital Underground Media Inc. · creditor: Palms Creative Inc · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 423 · debtor: Digital Underground Media Inc. · creditor: Piasetzki Nenniger Kvas LLP · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 7245 · debtor: Digital Underground Media Inc. · creditor: Stambol Studios Inc. · currency: CAD
- unsecured creditorspage: 3 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 10061 · debtor: Digital Underground Media Inc. · creditor: Stantec Consulting Ltd. · currency: CAD
- unsecured creditorspage: 4 · as of: NOI filing date (September 21, 2017) · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 7350 · debtor: Digital Underground Media Inc. · creditor: Waterford Partners · currency: CAD
- secured creditorsnote: DIP financing facility limit, not an outstanding balance; also listed as unsecured creditor with claim of $2,816,031.78 as of the NOI filing date basis (see unsecured entry) in a different capacity · page: 8 · debtor: Digital Underground Media Inc. · creditor: J.D. Craig Holdings Inc. · currency: CAD · security: DIP Lender under DIP Loan Agreement dated September 22, 2017; facility limit (maximum amount) $750,000
- secured creditorsnote: Related party (also listed as unsecured creditor with claim of $528,291.47 as of the NOI filing date basis); balance not stated · page: 9 · debtor: Digital Underground Media Inc. · creditor: DUM Holdings Inc. · currency: CAD · security: Party to Forbearance Agreement dated September 15, 2017 pursuant to which it and the DIP Lender agreed to forbear from enforcement of their security
- recovery outcomeentries: basis: plan · quote: | Estimated distribution (%) | 11.5% | · pct of: unstated · outcome: distribution · pct low: 11.5 · pct high: 11.5 · class key: unsecured · stated by: trustee · amount low: 76020 · amount high: 76020 · class label: General Unsecured Creditors · claims amount: 658867 · interim final: unstated · conditional on: if the Proposal is accepted by the creditors and approved by the Court · claims qualifier: estimated; basis: liquidation_alternative · quote: Should this occur, it is estimated that the net realizations will be less than the $3,344,323 owed to the Secured Creditors, and accordingly (as set-out below) the estimated distribution to the General Unsecured Creditors is expected to be NIL in a bankruptcy scenario. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: General Unsecured Creditors · interim final: unstated · conditional on: If the Proposal is rejected by the Creditors, the Company will be deemed bankrupt · claims qualifier: unstated · stated on: 2017-10-06 · table missing: