Alberta · NOI
Notice to Creditors dated June 2, 2023
Notice to creditors · 2 June 2023
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 filing2 verified
- financial positionnote: Assets and liabilities carry different as-at dates: assets at April 30, 2023 (book value total $27,636,127, of which $11,679,333 is asset sales proceeds held by DCL and subject to the Secured Claims Process); liabilities as at the Initial Filing Date (April 24, 2023) per the NOI ($26,190,454: RBC $11,637,550; Other Secured Creditors $5,316,747; CRA payroll taxes $187,155; Other Payables $9,049,002). The SER table shows a different book-value asset total of $28,342K (includes a $705K tax refund line) than the $27,636,127 in the asset table. A related creditor, 179 AB (~$1.4M), was not listed in the NOI. CRA payroll taxes were later re-estimated at $454,000. The Trustee's SER estimates net realizable asset value of $14,933K-$17,501K in a bankruptcy scenario. · basis: Unaudited internal financial information; asset figures are book values as at April 30, 2023; liabilities are the amount listed in the filed NOI for creditors with claims of $250 or more · scope: Viking Projects Ltd. (single entity) · currency: CAD · total assets: 27636127 · total liabilities: 26190454
- recovery outcomeentries: basis: plan · quote: Based on the Company's records as at the Initial Filing Date, the projected distribution to Unsecured Creditors is expected to be in the range of 72.7% to 87.6% of their claim. · pct of: unstated · outcome: distribution · pct low: 72.7 · pct high: 87.6 · class key: unsecured · stated by: proposal_trustee · amount low: 6364000 · amount high: 7669000 · class label: Unsecured Creditors · interim final: unstated · conditional on: if the Proposal is accepted by the Unsecured Creditors and approved by the Court; high estimate assumes Proposal Fund fully funded at $8,367,000, low assumes 85% contributed · claims qualifier: unstated; basis: liquidation_alternative · quote: As calculated below, the SER estimates that the realizable asset value will result in a distribution to Unsecured Creditors of 48.4% in a low bankruptcy scenario and 74.6% in a high bankruptcy scenario. · pct of: unstated · outcome: distribution · pct low: 48.4 · pct high: 74.6 · class key: unsecured · stated by: proposal_trustee · amount low: 4917000 · amount high: 7584000 · class label: Unsecured Creditors (deemed bankruptcy of Viking) · interim final: unstated · conditional on: if the Proposal is not accepted and Viking is deemed bankrupt · claims qualifier: unstated; basis: plan · quote: b) be paid in full if the class approves the Proposal; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · amount low: 648349 · amount high: 648349 · class label: Sask Lienholders · claims amount: 648349 · interim final: unstated · conditional on: if the class approves the Proposal; unaffected by the Proposal if the class does not approve · claims qualifier: listed; basis: plan · quote: Certain Crown Claims, relating to payroll taxes as defined in the Proposal, are to be paid in full within six months following Court approval of the Proposal or in an extended period of time if approved by CRA. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: Certain Crown Claims (payroll taxes) · claims amount: 454000 · interim final: unstated · conditional on: paid within six months following Court approval of the Proposal or an extended period if approved by CRA · claims qualifier: estimated; basis: plan · quote: Wage Claims plus any amounts owing to employees or former employees for services rendered between the Initial Filing Date and Court approval of the Proposal shall be paid in full from the Company's operational cash flows immediately following Court approval of the Proposal. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Wage Claims · interim final: unstated · conditional on: immediately following Court approval of the Proposal · claims qualifier: unstated · stated on: 2023-06-02 · table missing: