Alberta · CCAA
Report of the Monitor and Information Circular
Court officer report · 12 August 2009
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 filing3 verified
- unsecured creditorsnote: PFK and FMC entered settlement agreement (Oct 29, 2009) to support Company's management and not support alternative plan; amount is proofs of claim filed, not an adjudicated/reported total · page: 3 · as of: proofs of claim filed · basis: proofs of claim filed in respect of advances made to the Company · amount: 5721874 · debtor: Visionwall · creditor: Peers Foster Kristiansen (PFK) and Federal Mortgage Corporation Ltd. (FMC) · currency: CAD
- unsecured creditorsnote: deemed trust claim; estimated figure ('estimated to be approximately'); ranks ahead of secured and unsecured creditors · page: 5 · as of: estimated as of report date (November 20, 2009) · basis: deemed trust claim, estimated by Monitor, ranks ahead of all creditors in liquidation scenario · amount: 1550000 · debtor: Visionwall · creditor: Canada Revenue Agency · currency: CAD
- recovery outcomeentries: pass: true · basis: plan · quote: Each Affected Secured Creditor will receive Newco Shares issued by Newco at a deemed value of $1.00 per Newco Share for each dollar value of its secured claim. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · class label: Affected Secured Creditor Class · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Each unsecured creditor of the Affected Unsecured Creditor Class with a proven claim will receive payment in full of the first $1,000.00 of its claim and will receive shares issued by Newco at a deemed value of $1.00 per share in the total amount of 5% of the balance of each unsecured creditor's claim (after deducting the $1,000.00 cash payment received by the unsecured creditor). · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 1000 · amount high: 1000 · class label: Affected Unsecured Creditor Class · interim final: unstated · conditional on: 100% of the first $1,000.00; 5% of the balance of each unsecured creditor's claim after deducting the $1,000.00 cash payment · claims qualifier: unstated · stated on: 2009-11-20 · table missing: