Ontario · CCAA
Forty-Sixth Report of the Monitor dated May 21, 2021
Court officer report · 21 May 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- closing confirmedscope: the Curve Geothermal Assets · outcome: completed · purchaser: Toronto Standard Condominium Corporation No. 2355 · date basis: unstated; scope: the Edge, Bridge and Fuzion Geothermal Assets · outcome: completed · purchaser: Enwave · date basis: unstated
- purchaserToronto Standard Condominium Corporation No. 2355; Enwave
- recovery outcomeentries: basis: actual · quote: Pursuant to several orders issued in these proceedings, the Monitor has paid in full the amounts owing to creditors with admitted claims against the Cumberland Entities. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: creditors with admitted claims against the Cumberland Entities · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: all admitted claims totaling $5,086,000 are paid in full. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: all admitted claims (Bridge Geothermal Assets distribution) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: the balance of funds available for distribution, being $2,688,000, will be paid by intercorporate dividend to UCI via UPHI; · pct of: unstated · outcome: distribution · class key: equity · stated by: monitor · amount low: 2688000 · amount high: 2688000 · class label: UCI (via UPHI, intercorporate dividend) · creditor name: UCI · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Monitor intends to distribute all funds available from the sale of the Fuzion Geothermal System ($2,675,000) to UCI. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 2675000 · amount high: 2675000 · class label: UCI (Fuzion Geothermal System proceeds) · creditor name: UCI · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: the Court Officer recommends admitting a claim for ETPI equal to the value attributed to the system by Enwave ($9.574 million), less a cost allocation of $547,188 9 , for a net distribution to ETPI of $9,026,811. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 9026811 · amount high: 9026811 · class label: ETPI · creditor name: ETPI · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Subject to Court approval, the remaining balance will be paid to Edge Residential Inc. in respect of the claim it filed ($288,000) and to UCI (approximately $1.8 million) by way of repayment of the debt owing to it ($22,000) and the balance by intercorporate dividend to UCI (via UPHI) 10 . · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 288000 · amount high: 288000 · class label: Edge Residential Inc. · claims amount: 288000 · creditor name: Edge Residential Inc. · interim final: unstated · claims qualifier: asserted · stated on: 2021-05-21 · table missing:
- sale outcometext: A proposed sale process for Downsview's 51% interest in DHI was the subject of a motion heard April 5, 2021; the Court's decision remains pending. · scope: parcel · status: pending_approval