Alberta · CCAA
Walton Canadian Land 1 Development Corporation - 2019 Annual Report
Court officer report · 1 June 2020
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 filing8 verified
- cash on handnote: Consolidated ending cash balance across three trust accounts: General $1,506K, Arterial Road $271K, Road Completion $289K (CAD $000's). Forecast opening cash for 2020 is shown as $2,567K in Exhibit 2.0. · as at: 2019-12-31 · amount: 2066 · currency: CAD · qualifier: in $000's per Exhibit 1.0 (i.e. approximately $2.07 million)
- closing confirmedscope: the Henley Heights LDP · outcome: completed · effective: 2017-11-24 · purchaser: Henley Heights JV Ltd. · date basis: stated · approval order date: 2017-11-20; scope: the Stony Industrial LDP · outcome: completed · effective: 2018-09-19 · purchaser: Royal West Property Corp. · date basis: stated · approval order date: 2018-08-10
- operational summaryUnder Monitor management since the July 2018 Enhancement Order, Canadian Land has sold its Henley Heights and Stony Industrial projects and is completing remaining construction obligations; it expects to realize all remaining assets in 2020 and make a second and final distribution to unsecured creditors in December 2020.
- professional feesnote: Consolidated figure of $41K (in $000's) per Exhibit 1.0; $28K of this was paid from the General account per Exhibit 1.1 note 4. Separately, $501K CCAA fee reallocation was paid to other Walton CCAA Applicants. Tax treatment not stated. Forecast 2020 professional fees: $145K. · party: CCAA professional fees (Canadian Land's legal counsel, the Monitor, and the Monitor's legal counsel) · amount: 41000 · period: January 1, 2019 to December 31, 2019 · currency: CAD
- purchaserHenley Heights JV Ltd.; Royal West Property Corp.
- recovery outcomeentries: basis: actual · quote: The Monitor made an aggregate distribution of $2.5 million to Claimants in December 2019, representing 52% of the value of proven claims filed against Canadian Land. · pct of: proven_claims · outcome: distribution · pct low: 52 · currency: CAD · pct high: 52 · class key: unsecured · stated by: monitor · amount low: 2500000 · amount high: 2500000 · class label: Claimants (unsecured creditors with proven claims) · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: estimated · quote: As indicated in Exhibit 4.0, the Monitor expects Claimants of Canadian Land will receive a full recovery on their claims and approximately $3.6 million is estimated to be available for distribution to the limited partners of Walton Canadian Land Development LP1. · pct of: unstated · outcome: paid_in_full · pct low: 100 · currency: CAD · pct high: 100 · class key: unsecured · stated by: monitor · class label: Claimants (unsecured creditors with proven claims) · claims amount: 2341000 · interim final: unstated · conditional on: Subject to receipt of trailing recoveries and release of cash-secured letters of credit; one unsecured claim remains unresolved · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated · stated on: 2020-05-31 · table missing:
- report date31 May 2020
- report no2019 Annual Report