Ontario · Receivership (court-appointed)
Motion Record (returnable August 2, 2024)
Application / notice of application · 26 July 2024
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 filing1 verified
- recovery outcomeentries: basis: estimated · quote: The Stalking Horse Agreement affords certainty that all mortgagees will be paid in full and at the same time leaves open the prospect of higher recovery for the benefit of unsecured creditors or equity holders. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: court · class label: mortgagees · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: If they do not, and a better offer than the Stalking Horse Agreement does not materialize, the Receiver is projecting that the mortgagees over the two Cedar Properties should still get repaid in full from the sale price, but the Respondents incur the loss by the surplus proceeds from the sale of the two Cedar Properties being reduced by $500,000.00 (the reduction in the purchase price that Times negotiated as a condition to it signing the Stalking Horse Agreement that provides the floor that protects the secured creditors). · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: court · class label: mortgagees over the two Cedar Properties · interim final: unstated · conditional on: If they do not, and a better offer than the Stalking Horse Agreement does not materialize · claims qualifier: unstated · table missing: