Ontario · CCAA
Reply Book of Authorities of the DIP Lenders (Motion for Authorization Order, Meetings Order, and Other Relief Returnable June 7, 2022)
Application / notice of application · 12 January 2023
What we verified from this filing1 verified
- recovery outcomeentries: basis: unstated · quote: The email attached a letter of intent that bound any creditor signing it to assign its claim against Blackburn to Streetwise for 2 cents on the dollar plus certain additional consideration. · pct of: unstated · outcome: distribution · pct low: 2 · pct high: 2 · class key: unsecured · stated by: unstated · class label: unsecured creditors (assignment to Streetwise) · interim final: unstated · cents on dollar: 2 · claims qualifier: unstated; basis: plan · quote: The Plan offers the Senior Secured Noteholders payment of 97 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 97 · pct high: 97 · class key: secured · stated by: unstated · class label: Senior Secured Noteholders · creditor name: Senior Secured Noteholders · interim final: unstated · cents on dollar: 97 · claims qualifier: unstated; basis: plan · quote: Resurgence submitted that only the Unsecured Noteholders received 14 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 14 · pct high: 14 · class key: unsecured · stated by: unstated · class label: Unsecured Noteholders · creditor name: Unsecured Noteholders · interim final: unstated · cents on dollar: 14 · claims qualifier: unstated; basis: liquidation_alternative · quote: As described above, the alternative is liquidation and in that event the Unsecured Noteholders would receive between one and three cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 1 · pct high: 3 · class key: unsecured · stated by: monitor · class label: Unsecured Noteholders · creditor name: Unsecured Noteholders · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Where secured creditors have compromised their claims and unsecured creditors are accepting 14 cents on the dollar in a potential pool of unsecured claims totalling possibly in excess of $1 billion , it is not unfair that shareholders receive nothing. · pct of: unstated · outcome: distribution · pct low: 14 · pct high: 14 · class key: unsecured · stated by: unstated · class label: unsecured creditors · interim final: unstated · cents on dollar: 14 · claims qualifier: unstated; basis: plan · quote: Where secured creditors have compromised their claims and unsecured creditors are accepting 14 cents on the dollar in a potential pool of unsecured claims totalling possibly in excess of $1 billion , it is not unfair that shareholders receive nothing. · pct of: unstated · outcome: nil · class key: equity · stated by: unstated · class label: shareholders · interim final: unstated · claims qualifier: unstated; basis: plan · quote: This will result in 1,640 District Depositors (approximately 62%) and 10 trades creditors (approximately 77%) being paid in full. · pct of: unstated · outcome: paid_in_full · pct low: 62 · pct high: 62 · class key: unsecured · stated by: monitor · class label: District Depositors (Convenience Payment) · interim final: unstated · conditional on: lesser of $5,000 or the total amount of their claim · claims qualifier: unstated; basis: plan · quote: This will result in 1,640 District Depositors (approximately 62%) and 10 trades creditors (approximately 77%) being paid in full. · pct of: unstated · outcome: paid_in_full · pct low: 77 · pct high: 77 · class key: unsecured · stated by: monitor · class label: trades creditors (Convenience Payment) · interim final: unstated · conditional on: lesser of $5,000 or the total amount of their claim · claims qualifier: unstated; basis: estimated · quote: The Monitor currently estimates that creditors remaining unpaid after the Convenience Payment will receive NewCo shares valued at between 53% and 60% of their remaining proven claims. · pct of: proven_claims · outcome: distribution · pct low: 53 · pct high: 60 · class key: unsecured · stated by: monitor · class label: creditors remaining unpaid after Convenience Payment (NewCo shares) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The cash payments arising from liquidation of non-core assets and the distribution of shares are anticipated by the Monitor to provide creditors who are not paid in full by the Convenience Payments with distributions valued at between 68% and 80% of their remaining proven claims, after deducting the Convenience Payments. · pct of: proven_claims · outcome: distribution · pct low: 68 · pct high: 80 · class key: unsecured · stated by: monitor · class label: creditors not paid in full by Convenience Payments (cash + shares) · interim final: unstated · conditional on: after deducting the Convenience Payments · claims qualifier: unstated; basis: plan · quote: It proposes payment in full for secured creditors and creditors owed $400 or less. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: secured creditors and creditors owed $400 or less · interim final: unstated · claims qualifier: unstated · table missing: