Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated July 7, 2021
Application / notice of application · 7 July 2021
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 filing2 verified
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 474.22 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $474.22 and $616.61, respectively. · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Counsel to KSV Restructuring Inc., solely in its capacity as Court-appointed receiver and not in its personal capacity · context quote: Counsel to KSV Restructuring Inc., solely in its capacity as Court-appointed receiver and not in its personal capacity; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 616.61 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $474.22 and $616.61, respectively. · currency: · invoices: · firm text: Bennett Jones LLP · firm quote: BENNETT JONES LLP · context quote: BENNETT JONES LLP
- recovery outcomeentries: basis: actual · quote: Midcap has now been paid in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: MidCap (Revolving Credit Agreement) · creditor name: MidCap · interim final: unstated · claims qualifier: unstated; basis: actual · quote: As a result, the Term Loan Lenders incurred a shortfall on their advances to the Chapter 11 Debtors under the Term Loan Facility. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Term Loan Lenders · creditor name: Term Loan Lenders · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: there will not be any funds available for distribution to unsecured creditors of any of the Chapter 11 Debtors, including the Canadian Debtors · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors of any of the Chapter 11 Debtors, including the Canadian Debtors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: the Trust Claimants are to receive $54,773.90, representing 50% of the Trust Claim · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: unsecured · stated by: receiver · amount low: 54773.9 · amount high: 54773.9 · class label: Trust Claimants · creditor name: Trust Claimants · interim final: unstated · claims qualifier: unstated; basis: actual · quote: the balance of the funds in the Receiver's account, being approximately $305,000 (net of the Fee Accrual), will be distributed to Luminus in respect of the amounts owing to it under the Term Loan Facility · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 305000 · amount high: 305000 · class label: Luminus (Term Loan Facility) · creditor name: Luminus · interim final: unstated · claims qualifier: unstated · stated on: 2021-07-07 · table missing: 17. Approximately 370 WEPPA claims were submitted to Service Canada by the Receiver.