Ontario · Proposal
Proposal Trustee’s Report on the Proposal dated October 16, 2023.pdf
Court officer report · 16 October 2023
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: Based on the estimated quantum of Claims, the Proposal provides that Former Employees will receive the entirety of the calculated WEPP Amount, plus approximately 13 cents on the dollar for the balance of their claims. · pct of: unstated · outcome: distribution · pct low: 13 · pct high: 13 · class key: weppa · stated by: proposal_trustee · class label: Former Employees of Metroland · interim final: unstated · conditional on: receive the entirety of the calculated WEPP Amount, plus approximately 13 cents on the dollar for the balance of their claims · cents on dollar: 13 · claims qualifier: unstated; basis: plan · quote: Unsecured Creditors other than Former Employees are to receive approximately 13 cents on the dollar of their outstanding claims should the Proposal be fully performed. · pct of: unstated · outcome: distribution · pct low: 13 · pct high: 13 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors of Metroland (other than Former Employees) · interim final: unstated · cents on dollar: 13 · claims qualifier: unstated; basis: estimated · quote: Doing so would increase the estimated distribution on the balance of Former Employee Claims and Unsecured Creditors from approximately 13 cents to approximately 26 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 26 · pct high: 26 · class key: weppa · stated by: proposal_trustee · class label: Former Employees and Unsecured Creditors (if WEPP application succeeds) · interim final: unstated · conditional on: if WEPP Application increases the Unsecured Creditor pool by as much as $4.45 million · cents on dollar: 26 · claims qualifier: unstated; basis: liquidation_alternative · quote: The Proposal Trustee has determined that in the event of a bankruptcy, Unsecured Creditors will recover approximately 5 cents on the dollar in the best-case scenario, with no potential upside to creditors arising from the success, if achieved, on the WEPP Application. · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: best-case scenario, with no potential upside arising from success on the WEPP Application · cents on dollar: 5 · claims qualifier: unstated; basis: plan · quote: second, to pay any Crown Claims within six months after the Court Approval Date (estimated at NIL); · pct of: unstated · outcome: nil · class key: preferred · stated by: proposal_trustee · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: third, to pay all proven Preferred Claims, if any, without interest from the Filing Date (estimated at NIL); · pct of: unstated · outcome: nil · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated · table missing: