Ontario · Foreign recognition (CCAA)
Second Report of the Information Officer (September 17, 2019)
Court officer report · 17 September 2019
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
- operational summaryThe Information Officer reports on US Court orders (Bar Date Order, Final DIP Order, Final Utilities Order, Professional Compensation Order) for which recognition is sought and recommends recognition. The Chapter 11 Debtors continue business operations, and no amounts are owing by the JC Canada Group under the DIP Facilities.
- purchaserprice: note: Purchase price comprised of Cash Consideration, Assumed Liabilities, and release of Chapter 11 Debtors' obligations under the 1.5 Lien Term Loan and Second Lien Term Loan and/or DIP Term Facility in an aggregate amount not less than $425,000,000 minus certain deductions · basis: mixed · amount: 425000000 · sealed: false · currency: USD · scope: all or substantially all of the Chapter 11 Debtors' assets, including the assets of the JC Canada Group · status: proposed · name note: referred to as 'New Jack Cooper', a newly formed entity affiliated with the Junior Term Loan Lenders, acting as Stalking Horse Bidder · structure: assets · name source: recital · relationship: stalking_horse · agreement date: 2019-08-23
- report date17 September 2019
- report noSecond Report of the Information Officer
- sale advisorHoulihan Lokey, Inc.
- sale outcometext: Sale process approved by US Court via Bid Procedures Order; recognition sought in Canada · scope: whole_business · status: process_approved
- stalking horsestate: stated · amount: 425000000 · currency: USD · is lender: true