Quebec · CCAA
Monitor’s report to the option 2 creditors – dated February 7, 2011
Court officer report · 7 February 2011
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 filing7 verified
- appointeeRSM Richter Inc.
- appointee rolemonitor
- commencement date20 March 2009
- courtSUPERIOR COURT Commercial Division
- court file no500-11-035903-091
- statutory basisCCAA
- recovery outcomeentries: basis: plan · quote: The Debtors are therefore submitting a Re-Amended Plan to Option 2 Creditors, which provides for the immediate payment of a dividend equal to 1% of their proven claims. · pct of: proven_claims · outcome: distribution · pct low: 1 · pct high: 1 · class key: unsecured · stated by: monitor · amount low: 310000 · amount high: 310000 · class label: Option 2 Creditors · claims amount: 31000000 · interim final: unstated · conditional on: approval by the required majorities of Option 2 Creditors and Court sanction of the Re-Amended Plan · claims qualifier: unstated; basis: liquidation_alternative · quote: Should the Re-Amended Plan not be approved, the only realistic alternative to the Re- Amended Plan is Bankruptcy which would result in no recovery to the Option 2 Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Option 2 Creditors · claims amount: 31000000 · interim final: unstated · conditional on: Re-Amended Plan not approved; bankruptcy · claims qualifier: unstated; basis: liquidation_alternative · quote: The only realistic alternative to the Re-Amended Plan is Bankruptcy, which would result in a significant shortfall to the Secured Creditors and in no recovery to the Option 2 Creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Secured Creditors · interim final: unstated · conditional on: bankruptcy alternative to the Re-Amended Plan · claims qualifier: unstated · table missing: