British Columbia · CCAA
Monitor’s Seventeenth Report
Court officer report · 17 November 2023
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What we verified from this filing2 verified
- fee scheduleengagements: form: report_table · rows: · money: approximate: false · period: end: 2023-11-30 · kind: cumulative · quote: for the period from September 14, 2020 to November 30, 2023 · start: 2020-09-14 · approval: state: unstated · averages: rate: 484.94 · quote: Average hourly rate · currency: · invoices: · firm text: Alvarez & Marsal Canada Inc. · firm quote: appointed Alvarez & Marsal Canada Inc. as monitor of 1077 (the "Monitor") during the CCAA Proceedings · context quote: Summarized in the table below are the professional fees and disbursements of the Monitor and its legal counsels, Cassels Brock & Blackwell LLP ("Cassels") and Osler, Hoskin & Harcourt LLP ("Osler"), for the period from September 14, 2020 to November 30, 2023.; form: report_table · rows: · money: approximate: false · period: end: 2023-11-30 · kind: cumulative · quote: for the period from September 14, 2020 to November 30, 2023 · start: 2020-09-14 · approval: state: unstated · averages: · currency: · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Cassels Brock & Blackwell LLP ("Cassels") · context quote: Summarized in the table below are the professional fees and disbursements of the Monitor and its legal counsels, Cassels Brock & Blackwell LLP ("Cassels") and Osler, Hoskin & Harcourt LLP ("Osler"), for the period from September 14, 2020 to November 30, 2023.; form: report_table · rows: · money: approximate: false · period: end: 2023-11-30 · kind: cumulative · quote: for the period from September 14, 2020 to November 30, 2023 · start: 2020-09-14 · approval: state: unstated · averages: · currency: · invoices: · firm text: Osler, Hoskin & Harcourt LLP · firm quote: Osler, Hoskin & Harcourt LLP ("Osler") · context quote: Summarized in the table below are the professional fees and disbursements of the Monitor and its legal counsels, Cassels Brock & Blackwell LLP ("Cassels") and Osler, Hoskin & Harcourt LLP ("Osler"), for the period from September 14, 2020 to November 30, 2023.
- recovery outcomeentries: basis: actual · quote: To date, the Monitor has made three distributions: the first on or about May 31, 2022, the second on November 28, 2022, and the third and final distribution on October 31, 2023, together totaling $30.0 million and representing 94.6% of the total Accepted Claims. · pct of: unstated · outcome: distribution · pct low: 94.6 · currency: CAD · pct high: 94.6 · class key: unsecured · stated by: monitor · amount low: 30000000 · cumulative: true · amount high: 30000000 · class label: Accepted Claims (Claimants and Employee Claimants) · interim final: final · currency quote: totaling $30.0 million · claims qualifier: unstated; basis: estimated · quote: the Monitor provided representatives of the Labour Program with an update on the status of the Claims Process, including the estimated potential recovery to creditors (which is in the range of$0.90 on the dollar of their Accepted Claim), and its intention to make an interim distribution some time prior to June 2022. · pct of: unstated · outcome: distribution · pct low: 90 · pct high: 90 · class key: unsecured · stated by: monitor · class label: Accepted Claims (creditors) · interim final: unstated · cents on dollar: 90 · claims qualifier: unstated; basis: unstated · quote: As there will be a shortfall on recovery to the unsecured creditors with Accepted Claims, there will be no surplus funds available to make any distributions, interim or otherwise, to 1077's members. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: 1077's members · interim final: unstated · conditional on: there will be a shortfall on recovery to the unsecured creditors with Accepted Claims · claims qualifier: unstated; basis: estimated · quote: As summarized in the table below, subject to the resolution of the Disputed Claims as well as actual receipts collected and disbursements paid, the anticipated recovery to Claimants is in the range of90% of their Accepted Claim. · pct of: unstated · outcome: distribution · pct low: 90 · pct high: 90 · class key: unsecured · stated by: monitor · class label: Claimants (Accepted Claims) · interim final: unstated · claims qualifier: unstated; basis: actual · quote: As presented in the table below, the total amount of the Interim Distribution will be $23.3 million, representing 75% of the total Accepted Claims: · pct of: unstated · outcome: distribution · pct low: 75 · currency: CAD · pct high: 75 · class key: unsecured · stated by: monitor · amount low: 23300000 · cumulative: false · amount high: 23300000 · class label: Total Accepted Claims (Interim Distribution) · interim final: interim · currency quote: (in CAD OOO's) · claims qualifier: unstated; basis: actual · quote: As presented in the table below, the total amount of the Interim Distributions made to date is $28.2 million, representing 89% of the total Accepted Claims: · pct of: unstated · outcome: distribution · pct low: 89 · currency: CAD · pct high: 89 · class key: unsecured · stated by: monitor · amount low: 28200000 · cumulative: true · amount high: 28200000 · class label: Total Accepted Claims (Interim Distributions to date) · interim final: interim · currency quote: (in ( .\D OOO's) · claims qualifier: unstated; basis: estimated · quote: Once the remaining assets referenced in 6.5 above have been monetized, the total anticipated recovery to Claimants is expected to be in the range of94% of their Accepted Claim, which remains consistent with the estimated recoveries presented by the Monitor in previous reports. · pct of: unstated · outcome: distribution · pct low: 94 · pct high: 94 · class key: unsecured · stated by: monitor · class label: Claimants (Accepted Claims) · interim final: unstated · claims qualifier: unstated · stated on: 2023-11-17 · table missing: