Ontario · CCAA
Fourth Report of the Monitor
Court officer report · 14 March 2018
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 filing5 verified
- cash on handnote: Beginning Cash Balance in the March 7 Forecast table (in $000s), effective at the start of the March 5 to April 29, 2018 forecast period. · as at: 2018-03-04 · amount: 8801000 · currency: USD
- operational summaryThe Applicants continued DRC gold mining operations during the CCAA proceedings while pursuing a sale process (SISP) that yielded no bids, and are now proceeding toward implementation of a Plan of Compromise and Reorganization that was approved by creditors, with the Monitor recommending Court sanction of the Plan and an extension of the stay.
- recovery outcomeentries: basis: plan · quote: As described earlier in this Report, if the Plan is approved and implemented the Affected Secured Creditors will receive 100% of the New Equity as consideration for the compromise of their Affected Secured Claims, subject to dilution of up to 10% from the Stream Warrants and the NSTL Warrants. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Affected Secured Creditors · interim final: unstated · conditional on: subject to dilution of up to 10% from the Stream Warrants and the NSTL Warrants · claims qualifier: unstated; basis: estimated · quote: 0.084% in the event that the Employee Claims are not reduced or eliminated and that no other Listed Claims are eliminated; and · pct of: unstated · outcome: distribution · pct low: 0.084 · pct high: 0.084 · class key: unsecured · stated by: monitor · class label: Affected Banro Unsecured Creditors · interim final: unstated · conditional on: in the event that the Employee Claims are not reduced or eliminated and that no other Listed Claims are eliminated · claims qualifier: unstated; basis: estimated · quote: 0.178% in the event that the Employee Claims are eliminated and that no other Listed Claims are eliminated. · pct of: unstated · outcome: distribution · pct low: 0.178 · pct high: 0.178 · class key: unsecured · stated by: monitor · class label: Affected Banro Unsecured Creditors · interim final: unstated · conditional on: in the event that the Employee Claims are eliminated and that no other Listed Claims are eliminated · claims qualifier: unstated; basis: liquidation_alternative · quote: In a scenario where the shares of the BGB, the BGB Subsidiaries or the DRC Subsidiaries are acquired by credit-bid acquisition or foreclosure by Parity Debt holders, which includes the holders of Senior Secured Notes, minority Noteholders would receive their pari passu allocation of such shares, which is consistent with the distribution of the New Equity to Affected Secured Creditors under the Plan, but there would be no amounts available to unsecured creditors of Banro. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors of Banro · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given that Qualified Consideration would result in a shortfall of 25% on the Affected Parity Lien Debt, the SISP would in such circumstances have demonstrated that there is no transaction available that would provide a recovery for unsecured creditors of Banro. · pct of: unstated · outcome: shortfall · class key: unsecured · stated by: monitor · class label: Affected Parity Lien Debt · interim final: unstated · claims qualifier: unstated · shortfall pct low: 25 · shortfall pct high: 25 · stated on: 2018-03-14 · table missing:
- report date14 March 2018
- report noFourth Report of the Monitor