Nova Scotia · NOI
Minutes of Meeting of Creditors held March 6, 2014
Meeting materials · 6 March 2014
A plain-language read of this filing opens with a subscription.
What we verified from this filing2 verified
- financial positionnote: Assets stated at book value with separate estimated realizable value range (low/high) in liquidation: Accounts receivable $1,571,432 book value ($272,237-$408,356 realizable); Inventory $191,224 book value ($19,122-$47,806 realizable); Capital Assets $1,925,086 book value (nil-$250,000 realizable). Total liabilities per Creditors' Claims as at NOI Date: Priority $257,042 (2 creditors), Secured $3,773,970 (3 creditors), Preferred $0 (0 creditors), Unsecured $900,928 (46 creditors), Total $4,931,940 (51 creditors). · as at: 2014-02-10 · basis: Company's Statement of Affairs, unaudited financial information · scope: entity - Blue Wave Seafoods Inc. · currency: CAD · total assets: 3687742 · total liabilities: 4931940
- recovery outcomeentries: basis: plan · quote: iii. An amount to be determined for payment in full of BMO's advances to Blue Wave (which includes amounts due from D'Eon Fisheries, all of which were guaranteed by Blue Wave and secured against its assets) as at the Effective Date; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: BMO · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: plan · quote: a. The Convenience Ciass portion of the claim (the first $1,000 of any Unsecured Creditor's Proven Claim) will be paid in full, without interest; · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: proposal_trustee · amount low: 1000 · amount high: 1000 · class label: Convenience Class portion of Unsecured Creditor's Proven Claim · interim final: unstated · conditional on: 100% of the first $1,000 of any Unsecured Creditor's Proven Claim; balance settled via 10% cash or 25% from Distributable Free Cash Flow · claims qualifier: unstated; basis: plan · quote: i. 10% of the Proven Claim less payment made through the Convenience Class, without interest, from the Fund; or · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: less payment made through the Convenience Class, without interest, from the Fund · claims qualifier: unstated; basis: plan · quote: ji. 25% of Proven Claim less payment made through the Convenience Class, without interest, payable from Distributable Free Cash Flow generated by Newco over the next 5 Fiscal Years, limited to 30% of Distributable Free Cash Flow of Newco in any given Fiscal Year. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: less payment made through the Convenience Class, without interest, payable from Distributable Free Cash Flow generated by Newco over the next 5 Fiscal Years, limited to 30% of Distributable Free Cash Flow of Newco in any given Fiscal Year · claims qualifier: unstated; basis: plan · quote: vi. Deferred Creditors shall not receive any distribution in this Proposal. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Deferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All Preferred Creditors will be paid in full, without interest, under the statutory requirements as contained within the BIA, before any payments are made to the Unsecured Creditors. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2014-02-24 · table missing: