Quebec · CCAA
Monitor's Report on the Plan
Court officer report · 8 July 2021
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What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: The Monitor estimates that the estimated distribution for creditors who are deemed to be in the Convenience Class Creditors category or who elect to form part of this category will average 24% and will vary between 11% and 100% of their claim; · pct of: unstated · outcome: distribution · pct low: 11 · currency: CAD · pct high: 100 · class key: unsecured · stated by: monitor · class label: Affected Creditors (Convenience Class Creditors) · interim final: unstated · currency quote: $CAD · claims qualifier: unstated; basis: plan · quote: The balance of the amount of the Aggregate Distribution will be distributed on a pro rata basis to the Affected Creditors, with an expected average dividend of 10% of their claim. · pct of: unstated · outcome: distribution · pct low: 10 · currency: CAD · pct high: 10 · class key: unsecured · stated by: monitor · class label: Affected Creditors (excluding Convenience Class Creditors) · interim final: unstated · currency quote: $CAD · claims qualifier: unstated; basis: estimated · quote: As indicated in the table above, the estimated distribution (based on the Monitor's estimates as of the date of this report) represents approximately 10.58% of the estimated amount of the Affected Claims. · pct of: unstated · outcome: distribution · pct low: 10.58 · currency: CAD · pct high: 10.58 · class key: unsecured · stated by: monitor · amount low: 1000 · amount high: 1000 · class label: Affected Creditors · claims amount: 9448 · interim final: unstated · currency quote: $CAD · claims qualifier: estimated; basis: liquidation_alternative · quote: As demonstrated in the previous table, the estimated recovery for unsecured creditors in a forced liquidation scenario in a bankruptcy context is estimated to be nil, as the liquidation value of the Company's assets is insufficient to cover the secured claims of the Company, as well as additional unsecured debts in a bankruptcy context. · pct of: unstated · outcome: nil · currency: CAD · class key: unsecured · stated by: monitor · class label: Unsecured creditors · interim final: unstated · currency quote: $CAD · claims qualifier: unstated; basis: liquidation_alternative · quote: Keeping existing leases, in a difficult economic context for lessors of commercial space following the Pandemic, is more advantageous for lessors than the alternative in a context of bankruptcy, in which the lessors do not receive any distribution, as the liquidation value of the assets would be insufficient to repay the Secured Creditors; · pct of: unstated · outcome: nil · class key: landlord · stated by: monitor · class label: Lessors (landlords) · interim final: unstated · claims qualifier: unstated · table missing: