Ontario · CCAA
Eighth Report of the Monitor dated November 4, 2016
Court officer report · 4 November 2016
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 filing4 verified
- operational summaryThe debtors have not mined since 2013 and hold their mineral properties on a standby/care-and-maintenance basis. Iron ore prices remain at historic lows, and the Company is seeking creditor approval of a plan converting debt to equity so it can resume mining when prices recover.
- recovery outcomeentries: basis: plan · quote: are to receive a cash distribution of the lesser of their claim amount or $5,000 ('Cash Elected Amount'). · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount high: 5000 · class label: Convenience Creditors · interim final: unstated · conditional on: cash distribution of the lesser of their claim amount or $5,000 (Cash Elected Amount) · claims qualifier: unstated; basis: plan · quote: Each Affected Unsecured Creditor of LIMH (of which there are eight), excluding Convenience Creditors (of which there are four, including SIPA), will release and discharge LIMH in exchange for a Pro Rata Share of 25% of the post-Plan Implementation issued shares of LIMH, with no creditor receiving more than 19.9% of the shares; · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · class label: Affected Unsecured Creditors of LIMH (excluding Convenience Creditors) · interim final: unstated · conditional on: Pro Rata Share of 25% of the post-Plan Implementation issued shares of LIMH, with no creditor receiving more than 19.9% of the shares · claims qualifier: unstated; basis: liquidation_alternative · quote: If the Plan is not approved, there is a significant probability that no distributions would be available to the general body of creditors or that any distributions would be insignificant; · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: general body of creditors · interim final: unstated · conditional on: if the Plan is not approved; or any distributions would be insignificant · claims qualifier: unstated · stated on: 2016-11-04 · table missing:
- report date4 November 2016
- report noEighth Report