Alberta · CCAA
12. Twelfth Report of the Monitor
Court officer report · 24 August 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 filing7 verified
- cash on handnote: Ending cash for the Reporting Period per budget to actual analysis; Reserved Funds of approximately $13.3 million also held in trust with Macleod Dixon LLP separately. · as at: 2009-08-14 · amount: 3293087 · currency: CAD
- disbursementsnote: Stated as net disbursements for the Reporting Period, not cumulative since filing date. · since: August 1, 2009 (Reporting Period start) · amount: 218000 · currency: CAD
- operational summaryEarthFirst continues working with the Dokie Project purchaser to close the sale under amended agreements, completing sales of its other projects, and developing a CCAA plan of arrangement, while seeking a further stay extension.
- professional feesnote: Actual disbursement for the Reporting Period per variance table, compared to Eleventh Report forecast of $153,000. · party: CCAA professional fees (unspecified professionals) · amount: 62918 · period: August 1, 2009 to August 14, 2009 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: In the Confidential Eighth Report of the Monitor (which was made public on May 26, 2009) the Monitor estimated the recovery to EarthFirst's unsecured creditors to be approximately $0.85 on the dollar in the event the Dokie APA closed. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · class label: EarthFirst's unsecured creditors · interim final: unstated · conditional on: in the event the Dokie APA closed · claims qualifier: unstated; basis: estimated · quote: Based on the Monitor's understanding of the amendments to the Dokie APA i t r ei i y ig thn th Ftng unsecured creditors will be in a range of $0.45 to $0.70 on the dollar to the unsecured creditors (the "Adjusted Recovery"). · pct of: unstated · outcome: distribution · pct low: 45 · pct high: 45 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: These changes wilì materially reduce the recovery to EarthFirst's unsecured creditors and will leave no recovery to EarthFirst's shareholders. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: EarthFirst's shareholders · interim final: unstated · claims qualifier: unstated · stated on: 2009-08-24 · table missing:
- report date24 August 2009
- report noTwelfth Report