Ontario · NOI
Motion Record of NTSM returnable February 20, 2025
Application / notice of application · 20 February 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: The Proven Claims of Preferred Creditors, if any, are to be paid in full, without interest, from the proposal proceeds, in priority to all Claims of Unsecured Creditors. · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Unsecured creditors who have filed an election shall be paid a distribution equal to the lesser of: i) the amount of that unsecured creditors proven claim or ii) $2,000 in full and final satisfaction of their claim by no later than September 1, 2025. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount high: 2000 · class label: Unsecured Creditors who have filed an election · interim final: unstated · conditional on: lesser of the amount of the unsecured creditor's proven claim or $2,000, in full and final satisfaction, by no later than September 1, 2025 · claims qualifier: unstated; basis: plan · quote: If the Amended Proposal is accepted by the Company's Creditors, the Trustee estimates that the distribution to Unsecured Creditors with Proven Claims will be approximately $0.17 per dollar of Proven Claim. · pct of: unstated · outcome: distribution · pct low: 0.17 · pct high: 0.17 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors with Proven Claims · interim final: unstated · cents on dollar: 0.17 · claims qualifier: unstated; basis: liquidation_alternative · quote: The Proposal Trustee is of the opinion that net realizations from the Company 's assets in a bankruptcy, after consideration of the Trustee in Bankruptcy's fees and disbursements, would not result in secured claims of approximately $3,160,000 being repaid in full, and there would be no funds available for unsecured creditors; whereas the Amended Proposal would provide an estimated dividend of $0.17 per dollar of proven claim. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: in the event that the Amended Proposal is not accepted by the creditors then there will be no distribution available for the preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: proposal_trustee · class label: preferred or unsecured creditors · interim final: unstated · conditional on: if the Amended Proposal is not accepted by the creditors · claims qualifier: unstated; basis: unstated · quote: Crown Priority Claims, if any, shall be paid in full, without interest, within six months following the Effective Date. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated · stated on: 2025-02-10 · table missing: