Newfoundland and Labrador · Proposal
Pathway Construction Ltd - Creditors Package December 18 2023
Meeting materials · 18 December 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: Total assets figure (706,288) is the book value total from Section D's asset table (Accounts Receivable 529,676 + Equipment under Lease 595,576 + Equipment under BMO Security 110,712, netted to 706,288), based on internal records reviewed as at December 12, 2023. Total liabilities figure (1,877,242) is from the Creditor Summary in Section F, stated 'as of the filing date' (September 28, 2023), comprising Secured 987,481, Priority 19,018, Unsecured 717,965, and Deferred 152,778. The two totals carry different as-at dates and are not from the same balance sheet. Bankruptcy Low ($44,285) and High ($60,892) estimated net realizable values, and Estimated Net Realization of nil, are the Trustee's liquidation forecasts, not the reported financial position. · basis: Book value of Accounts Receivable and Equipment per the Proposal Trustee's review of the Company's internal (unaudited) financial records; Bankruptcy Low/High columns are the Trustee's estimated liquidation realizable values (forecast), not reported here as the position · scope: Entity - Pathway Construction Ltd. (unconsolidated) · currency: CAD · total assets: 706288 · total liabilities: 1877242
- recovery outcomeentries: basis: plan · quote: Further, Deferred Creditors, namely any claim owed to Eastern Roof and Floor Truss Manufacturing (2008) Inc. ('Eastern') , a related company owned and operated by Mr. Chard, shall not receive any distribution in this Proposal. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Deferred Creditors (Eastern Roof and Floor Truss Manufacturing (2008) Inc.) · creditor name: Eastern Roof and Floor Truss Manufacturing (2008) Inc. · interim final: unstated · claims qualifier: unstated; basis: plan · quote: It is estimated that the net recovery to Unsecured Creditors if the Proposal is successful will be in the range of thirty (30) cents on the dollar net of payment of CRA's s.60(1)(1.1) BIA source deductions priority claim, administration costs of the estate, and the s.147 BIA levy. · pct of: unstated · outcome: distribution · pct low: 30 · pct high: 30 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 717965 · interim final: unstated · conditional on: net of payment of CRA's s.60(1)(1.1) BIA source deductions priority claim, administration costs of the estate, and the s.147 BIA levy · cents on dollar: 30 · claims qualifier: unstated; basis: liquidation_alternative · quote: | Dividend yield | | 30% | 0% | 0% | · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 717965 · interim final: unstated · claims qualifier: unstated · stated on: 2023-12-18 · table missing: