Alberta · CCAA
13. Thirteenth Report of the Monitor
Court officer report · 10 September 2009
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What we verified from this filing7 verified
- cash on handnote: Ending cash for Reporting Period August 15, 2009 to September 4, 2009; Reserved Funds of approximately $13.3 million held separately in trust. · amount: 2946626 · currency: CAD
- disbursementsnote: Net change in cash (net disbursements) for the Reporting Period August 15, 2009 to September 4, 2009. · since: August 15, 2009 · amount: -346561 · currency: CAD
- operational summaryEarthFirst continues restructuring efforts focused on closing the Dokie Project sale, completing sales of other projects, pursuing a Corporate Sale Process, and advancing its CCAA Plan and Creditors' Meeting, while seeking a stay extension to October 30, 2009.
- professional feesnote: Forecast CCAA professional fees for Forecast Period September 5 to October 30, 2009 were approximately $580,000. · party: CCAA professionals (collective) · amount: 81395 · period: August 15, 2009 to September 4, 2009 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Tn the Confidential Eighth Report of the Monitor (which was made public on May 26, 2009) the Monitor estimated the recovery to EarthFirst's unsecured creditors to be approximately $0.85 on the dollar in the event the Dokie APA closed. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · conditional on: in the event the Dokie APA closed · claims qualifier: unstated; basis: estimated · quote: Based on the Monitor's understanding of the amendments to the Dokie APA relating to the Fifth Amending Agreement, the estimated recovery (assuming a completion of the Dokie APA and the Corporate Sale Process, as defined below) to the unsecured creditors would be approximately $0.66 on the dollar (as discussed in further detail below) which is significantly greater than estimated recovery of between $0.25 and $0.00 on the dollar which is estimated upon a liquidation of the Dokie Project (as discussed in further detail below). · pct of: unstated · outcome: distribution · pct low: 66 · pct high: 66 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · conditional on: assuming a completion of the Dokie APA and the Corporate Sale Process · cents on dollar: 66 · claims qualifier: unstated; basis: plan · quote: The Monitor's above analysis of the recoveries to the Affected Creditors indicates that under the Plan, Affected Creditors could receive between 66% to 45% of their respective claims. · pct of: unstated · outcome: distribution · pct low: 45 · pct high: 66 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Under the liquidation scenario, the estimated recoveries would be reduced to 25% to 0%. · pct of: unstated · outcome: distribution · pct low: 0 · pct high: 25 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Even if the Reserved Fund were assumed to be available to the unsecured creditors under the liquidation analysis low scenario, the estimated recovery to the unsecured creditors would only be 16%. · pct of: unstated · outcome: distribution · pct low: 16 · pct high: 16 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · conditional on: if the Reserved Fund were assumed to be available to the unsecured creditors under the liquidation analysis low scenario · claims qualifier: unstated · stated on: 2009-09-10 · table missing:
- report date10 September 2009
- report noThirteenth Report