Ontario · CCAA
Chinese translation of the Thirteenth Report of the Monitor
Court officer report · 14 December 2020
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: plan · quote: Providing for a distribution of up to 5% of the proven Claims of holders of all other Affected Claims, primarily comprised of amounts owing to: · pct of: proven_claims · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · class label: holders of all other Affected Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: would r eceive a distribution of up to 5% (the ' Distribution Rate ') of their Voting Claims, subject to an overall cap on aggregate Voting Claims for Affected Claims totaling $6,250,000. · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · amount high: 312500 · class label: All other holders of Affected Claims · claims amount: 6250000 · interim final: unstated · conditional on: Distribution Rate reduced proportionately if aggregate Voting Claims for Affected Claims exceed the $6,250,000 cap · claims qualifier: unstated; basis: estimated · quote: As such, it is presently anticipated that the Distribution Rate of 5% to holders of Affected Claims in the General Unsecured Creditor Class would not reduce. · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · class label: General Unsecured Creditor Class (Affected Claims) · interim final: unstated · conditional on: a reduction in the Distribution Rate may still be possible depending on the final determination of the disputed claims · claims qualifier: unstated; basis: plan · quote: such that the total amount received after the top-up payment would result in a 55% recovery on their claim within 60 days of final closing of 90% of the saleable square footage of residential area, rather than the maximum 5% Distribution Rate under the Plan. · pct of: unstated · outcome: distribution · pct low: 55 · pct high: 55 · class key: unsecured · stated by: monitor · class label: Brokers who agree to execute the Broker RSA · interim final: unstated · conditional on: payment within 60 days of final closing of 90% of the saleable square footage of residential area; conditional on Plan approval · claims qualifier: unstated; basis: plan · quote: The Plan provides a clear outcome for other Affected Creditors, in the form of a dividend of up to 5% on their claims in the General Unsecured Creditor Class; and · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · class label: other Affected Creditors in the General Unsecured Creditor Class · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Unaffected Creditors, including Trades and Secured Creditors, whose valid claims are not compromised under the Plan are entitled to full recovery of their claims from the relevant restructured Clover CCAA Applicants. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: Unaffected Creditors, including Trades and Secured Creditors · interim final: unstated · conditional on: valid claims not compromised under the Plan · claims qualifier: unstated · stated on: 2020-11-30 · table missing: