Ontario · Proposal
Fourth Report to Court of the Proposal Trustee
Court officer report · 10 June 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 filing2 verified
- purchaser1000041001 Ontario Ltd.; Christmas Hill Productions Inc.
- recovery outcomeentries: basis: liquidation_alternative · quote: On a consolidated basis, the liquidation analysis indicates that after payment of the HSBC Secured Loans, a nominal recovery may be available for the unsecured creditors of the Breakthrough Filing Entities. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors of the Breakthrough Filing Entities (consolidated liquidation) · interim final: unstated · conditional on: nominal recovery after payment of the HSBC Secured Loans, on a consolidated basis · claims qualifier: unstated; basis: liquidation_alternative · quote: should there not be a substantive consolidation, and in the event of a liquidation, the analysis indicates that after payment of the HSBC Secured Loans there would be no recovery for the unsecured creditors of eight Breakthrough subsidiaries and BEI would realize a nominal recovery. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors of eight Breakthrough subsidiaries (non-consolidated liquidation) · interim final: unstated · conditional on: no substantive consolidation; after payment of the HSBC Secured Loans · claims qualifier: unstated; basis: liquidation_alternative · quote: should there not be a substantive consolidation, and in the event of a liquidation, the analysis indicates that after payment of the HSBC Secured Loans there would be no recovery for the unsecured creditors of eight Breakthrough subsidiaries and BEI would realize a nominal recovery. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors of BEI (non-consolidated liquidation) · interim final: unstated · conditional on: nominal recovery; no substantive consolidation · claims qualifier: unstated; basis: liquidation_alternative · quote: | Estimated recovery for Unsecured Creditors in a Liquidation | | | | -2% | 2% | | | | · pct of: unstated · outcome: distribution · pct low: 2 · pct high: 2 · class key: unsecured · stated by: proposal_trustee · class label: Estimated recovery for Unsecured Creditors in a Liquidation · claims amount: 3500000 · interim final: unstated · conditional on: the low scenario shows a negative (-2%) result; the high scenario 2% · claims qualifier: estimated; basis: liquidation_alternative · quote: The Company has approximately $679,000 of secured debt that would be repaid in full prior to any funds being available for the Company's unsecured creditors. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · amount low: 679000 · amount high: 679000 · class label: secured debt (HSBC) · creditor name: HSBC · interim final: unstated · conditional on: repaid in full prior to any funds being available for unsecured creditors, in a liquidation · claims qualifier: unstated · stated on: 2022-06-10 · table missing: