Ontario · NOI
Fourth Report of Richter Advisory Group Inc. in its capacity as Trustee under the Notices of Intention to make a Proposal of Jones Canada, Inc. and Nine West Canada LP – dated November 16, 2018
Court officer report · 16 November 2018
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 filing8 verified
- closing confirmedscope: the sale of the NW US Entities' assets · outcome: completed · purchaser: Authentic Brands Group LLC · date basis: stated_partial; scope: the Liquidation · outcome: completed · effective: 2018-06-30 · date basis: stated · approval order date: 2018-04-11
- fee scheduleengagements: form: prose · rows: · money: fees: quote: in the amounts of $120,283.75 and $22,020.08, respectively (excluding HST) · amount: 120283.75 · approximate: false · disbursements: quote: in the amounts of $120,283.75 and $22,020.08, respectively (excluding HST) · amount: 22020.08 · period: end: 2018-10-31 · kind: invoice · label: the Period · quote: for the period from June 3, 2018 to October 31, 2018 (the 'Period') · start: 2018-06-03 · approval: quote: The Proposal Trustee requests that this Honourable Court approve its Accounts for the Period for services rendered and recorded during the Period. · state: sought · averages: rate: 406.3 · quote: The average hourly rate billed by the Proposal Trustee during the Period is $406.30. · currency: · invoices: · firm text: Richter Advisory Group Inc. · firm quote: FOURTH REPORT OF RICHTER ADVISORY GROUP INC. IN ITS CAPACITY AS TRUSTEE UNDER THE NOTICES OF INTENTION TO MAKE A PROPOSAL OF JONES CANADA, INC. AND NINE WEST CANADA LP · context quote: IN ITS CAPACITY AS TRUSTEE UNDER THE NOTICES OF INTENTION TO MAKE A PROPOSAL; form: prose · rows: · money: · period: end: 2018-10-31 · kind: invoice · quote: the period from July 17, 2018 to October 31, 2018 · start: 2018-07-17 · approval: state: unstated · averages: · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: APPENDIX 'N' - AFFIDAVIT OF I. AVERSA OF AIRD & BERLIS LLP, SWORN NOVEMBER 13, 2018 · context quote: The Proposal Trustee has reviewed the invoices rendered by Aird during the period from July 17, 2018 to October 31, 2018.
- process resultsbids: 1 · note: one additional bid submitted by the US Bid Deadline as part of the NW US Entities' Stalking Horse Sales Process · as of: 2018-06-04
- purchaserAuthentic Brands Group LLC; price: sealed: false · scope: liquidation of all owned inventory, and furniture, fixtures and equipment ('FF&E') at the NW Canada Entities' thirty-five (35) retail locations · status: closed · name note: consultant assisting with liquidation of inventory and FF&E, not a purchaser · structure: auction · name source: recital · relationship: unstated · agreement date: 2018-04-11
- recovery outcomeentries: basis: plan · quote: (i) Professional Fees: subject to Article 6.2 of the Proposal and the provisions of the BIA, the Professional Fees will be paid in full as they become due; · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Professional Fees · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (ii) Crown Priority Claims: all Crown Claims that were outstanding as at the Filing Date, if any, shall be paid in full to Her Majesty in right of Canada or a Canadian province or territory, as applicable, within six months after the issuance of the Proposal Approval Order; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (iii) Employee Priority Claims: Employee Priority Claims, if any, will be paid in full in amounts to be determined by the Proposal Trustee pursuant to section 135 of the BIA; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Employee Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (iv) Pension Priority Claims: all Pension Claims that were outstanding as at the Filing Date, if any, shall be paid in full within six months after the issuance of the Proposal Approval Order; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Pension Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (vi) Secured Claims: any Secured Claims will be paid in full in amounts to be determined by the Proposal Trustee pursuant to section 135 of the BIA; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Secured Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (vii) Preferred Claims: the remaining Preferred Claims (after the payments provided in Articles 2.4(a) to (f) of the Proposal have been made, or reserves taken therefor), if any, shall be paid without interest in priority to the Proven Claims addressed by Article 2.4(h) of the Proposal; and · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: (viii) Unsecured Claims: the holders of Proven Claims not addressed by Articles 2.4(a) to (g) of the Proposal will receive an amount from the balance of the Creditor's Fund (subject to any reserves taken to satisfy the payments provided in Articles 2.4(a) to (g) of the Proposal) relative to the aggregate value of Proven Claims not addressed by Articles 2.4(a) to (g) of the Proposal. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Claims (Proven Claims not addressed by Articles 2.4(a) to (g)) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Based on (i) a Creditor's Fund estimated to be approximately $15 million, (ii) Secured Claims of approximately $4 million, (iii) Priority Claims ranging between $Nil and $500,000, and (iv) unsecured Claims of approximately $36.5 million (after taking into consideration the NW US' Entities postponement of $1 million of their unsecured Claims), the estimated distribution to unsecured Creditors per dollar of Proven Claim is estimated to be approximately 29% - 30%. · pct of: proven_claims · outcome: distribution · pct low: 29 · pct high: 30 · class key: unsecured · stated by: proposal_trustee · class label: unsecured Creditors (Proposal Accepted scenario) · claims amount: 36500000 · interim final: unstated · conditional on: Should the Proposal be approved by both the Creditors and the Court and implemented · claims qualifier: estimated · table missing:
- sale advisorLazard Freres & Co. LLC; Consensus Advisors LLC; SB360 Capital Partners LLC
- sale outcometext: The extensive marketing process undertaken by the NW US Entities did not generate any interest in the NW Canada Entities' assets on a going concern or other basis; the NW Canada Entities' inventory was liquidated. · scope: ancillary · status: closed
- stalking horseAuthentic Brands Group LLC