British Columbia · Proposal
Trustee's Second Report to Creditors
Court officer report · 10 January 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 filing5 verified
- operational summaryThe company filed a Further Amended Proposal on May 7, 2024 under which a purchaser acquires all of its shares via a reverse vesting order for Cash Consideration of $2,538,398 less Company Obligations. The trustee recommends creditors accept it, estimating about 36% recovery for affected creditors versus about 21% in bankruptcy.
- professional feesnote: No total of Proposal Trustee fees is stated; the estimated Proposal Trustee fees and costs are included in the Statement of Estimated Realization and are to be paid as part of the Company Obligations. ResidualCo. bankruptcy Trustee fees are shown at $25,000 (up to $25,000 for ResidualCo. Bankruptcy Trustee fees and costs). The Trustee holds a third party retainer of $75,000. · party: Proposal Trustee (MNP Ltd.) and ResidualCo. bankruptcy trustee · currency: CAD
- recovery outcomeentries: basis: plan · quote: After payment of the Property Tax claim and ResidualCo. bankruptcy Trustee fees, there is expected to be approximately $1,840,000 available to the Affected Creditors under the Proposal (or approximately 36% of their claims). · pct of: unstated · outcome: distribution · pct low: 36 · pct high: 36 · class key: unsecured · stated by: proposal_trustee · amount low: 1840000 · amount high: 1840000 · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Affected Creditors are expected to receive approximately 21% of their claims under a bankruptcy scenario. · pct of: unstated · outcome: distribution · pct low: 21 · pct high: 21 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-05-07 · table missing:
- report date7 May 2024
- report noSecond Report to Creditors