Alberta · CCAA
Brief in support of the Application for a Plan Sanction Order and a Stay Extension Order
Application / notice of application · 28 January 2022
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
- applicantKAISEN ENERGY CORP.
- courtCOURT OF QUEEN'S BENCH ALBERTA
- court file no2101-14684
- commencement date8 December 2021
- recovery outcomeentries: basis: plan · quote: The Senior Secured Class is converting 100% of their claims to equity. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: secured · stated by: debtor · class label: Senior Secured Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The recoveries for the Municipal Tax Claims are all over 50% (depending on what election was made my each Affected Municipal Tax Creditor) · pct of: unstated · outcome: distribution · class key: secured · stated by: debtor · class label: Municipal Tax Claims · interim final: unstated · conditional on: over 50%, depending on which election was made by each Affected Municipal Tax Creditor · claims qualifier: unstated; basis: plan · quote: the estimated recoveries for the Affected Unsecured Creditors range from 21% to 100% depending on the size and quantum of each Affect Unsecured Creditors Claims. · pct of: unstated · outcome: distribution · pct low: 21 · pct high: 100 · class key: unsecured · stated by: debtor · class label: Affected Unsecured Creditors · interim final: unstated · conditional on: depending on the size and quantum of each Affected Unsecured Creditor's Claims · claims qualifier: unstated; basis: plan · quote: The Convenience Class Creditors are not required or permitted to vote at the Meeting on the basis that, in the event the Plan is approved, will receive 100% of their claim value (due to an Initial Payment under the Plan equal to $2,000 and $10,000, respectively) and are deemed to cast votes in favour of the Plan in the entire amount of their Affected Claim. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: debtor · class label: Convenience Class Creditors · interim final: unstated · conditional on: Initial Payment under the Plan equal to $2,000 and $10,000, respectively · claims qualifier: unstated; basis: liquidation_alternative · quote: In a liquidation scenario, in addition to destroying the value of Kaisen's going concern business, the Monitor is of the view that there is a significant risk that Affected Unsecured Creditors would not receive any recovery at al1. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Affected Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-01-28 · table missing: