Ontario · CCAA
Fourth Report of the Monitor
Court officer report · 14 March 2018
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified · 1 withheld
- 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
- 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: plan · quote: Section 4.3 of the Plan provides that Crown Priority Claims will be paid in full within six months after the Sanction Order, as required by section 6(3) of the CCAA. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: monitor · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Section 4.3 of the Plan also provides the 6(5) Claims of Listed Creditors will be paid in full immediately after the Sanction Order, as required by section 6(5) of the CCAA. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: monitor · class label: 6(5) Claims of Listed Creditors · interim final: unstated · 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 (credit-bid/foreclosure scenario) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The current estimate of the Qualified Consideration is approximately $385 million, which represents a significant shortfall on the claims of secured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: secured creditors (Qualified Consideration shortfall) · 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 · pct low: 25 · pct high: 25 · class key: unsecured · stated by: monitor · class label: Affected Parity Lien Debt · interim final: unstated · claims qualifier: unstated · stated on: 2018-03-14 · table missing:
- report date14 March 2018
- report noFourth Report of the Monitor
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.