Alberta · CCAA
Third Report of the Monitor
Court officer report · 21 August 2020
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 filing7 verified
- cash on handnote: Actual ending cash balance for the June 1-July 31 period per the cash flow variance table ($000's: 2,781), versus CFS#2 forecast of 4,395. · as at: 2020-07-31 · amount: 2781000 · currency: CAD
- disbursementsnote: Actual total disbursements for the two-month Reporting Period (forecast CFS#2: $6,241,000); not cumulative since the Filing Date. · since: June 1, 2020 (two-month Reporting Period ending July 31, 2020) · amount: 5250000 · currency: CAD
- operational summaryThe Applicants continue to operate in the ordinary course under CCAA protection, with no material adverse changes to operations, and are pursuing a Plan sponsored by the Second Lien Lenders to emerge as a viable business.
- receipts cumulativenote: Actual receipts for the two-month Reporting Period (forecast CFS#2: $4,640,000); not cumulative since the May 29 Filing Date. · since: June 1, 2020 (two-month Reporting Period ending July 31, 2020) · amount: 4446000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: The Convenience Class creditors total 118 creditors and will receive 100% of their Proven Claims; · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · currency: CAD · pct high: 100 · class key: unsecured · stated by: monitor · class label: Convenience Class · interim final: unstated · conditional on: Proven Claims of $1,500 or less · currency quote: $CAD · claims qualifier: unstated; basis: plan · quote: The remaining Unsecured Creditors, will receive the first $1,500 of their claim plus a pro-rata amount of 2.4% of their remaining claims, as shown below; · pct of: unstated · outcome: distribution · currency: CAD · class key: unsecured · stated by: monitor · amount low: 1500 · amount high: 1500 · class label: General Unsecured Class · interim final: unstated · conditional on: receive the first $1,500 of their claim plus a pro-rata amount of 2.4% of their remaining claims · currency quote: $CAD · claims qualifier: unstated; basis: plan · quote: The Deficiency Claim does not participate in any distribution. · pct of: unstated · outcome: nil · class key: secured · stated by: monitor · class label: Deficiency Claim (Second Lien Lenders) · creditor name: Second Lien Lenders · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: As the three previous sale processes demonstrate, the expected recovery in a liquidation would result in no distribution to the Unsecured Creditors; · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Unsecured Creditors (in a liquidation) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The majority, approximately 57% in number, of Affected Creditors will receive 50% to 100% of their Proven Claims; · pct of: proven_claims · outcome: distribution · pct low: 50 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2020-08-21 · table missing:
- report date21 August 2020
- report noThird Report