Ontario · CCAA
Fourth Report of Richter Advisory Group., in its capacity as Monitor – dated Septemeber 23, 2020
Court officer report · 23 September 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 filing5 verified
- operational summaryThe Company continues to operate under CCAA protection with receipts above forecast, is advancing the Claims Process and a Plan of Compromise to restructure into a viable going-concern business, and seeks a Meeting Order to put the Plan to creditors.
- professional feesnote: Unaudited actual professional fees disbursed in the Comparison Period versus forecast of 455,000; the table does not state whether HST is excluded. · party: Company professional fees (reported actual, all professionals incl. Monitor and counsel) · amount: 318282 · period: August 15, 2020 to September 11, 2020 · currency: CAD
- recovery outcomeentries: basis: plan · quote: a cash distribution equal to 20 cents for every dollar of their Proven Claim from the Company, with the support of the Parent using its existing facilities (as may be amended, modified or restated); and · pct of: proven_claims · outcome: distribution · pct low: 20 · pct high: 20 · class key: unsecured · stated by: monitor · class label: Affected Creditors (that are not Convenience Creditors) with Proven Claims · interim final: unstated · conditional on: cash distribution of 20 cents on the dollar, plus a Promissory Note of 30 cents on the dollar payable over 18 monthly installments, conditional on the Company generating sufficient free cashflow · cents on dollar: 20 · claims qualifier: unstated; basis: plan · quote: Affected Creditors with Proven Claims owed up to and including $7,000 will be paid in full (' Convenience Creditors ') by RCCL, with the support of the Parent using its existing facilities; · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: Affected Creditors with Proven Claims owed up to and including $7,000 (Convenience Creditors) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Plan contemplates that no distributions will be made in respect of Intercompany Claims. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Intercompany Claims · interim final: unstated · related party: true · claims qualifier: unstated · stated on: 2020-09-23 · table missing:
- report date23 September 2020
- report noFourth Report