Ontario · CCAA
Third Report of the Monitor
Court officer report · 15 February 2018
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 filing4 verified
- operational summaryThe Banro Group's operating mining assets are held in DRC subsidiaries, one of which (Namoya) had temporarily suspended mining operations due to road access closures; the Applicants are pursuing a sale/investor solicitation process and, absent a successful bid, a Plan of compromise to continue DRC operations and preserve employment.
- recovery outcomeentries: basis: plan · quote: As described earlier in this Report, if the Plan is approved and implemented the Affected Secured Creditors will receive 100% of the New Equity as consideration for the compromise of their Affected Secured Claims, subject to dilution of up to 10% from the Stream Warrants and the NSTL Warrants. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Affected Secured Class · claims amount: 175314967.5 · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: 0.084% in the event that the Employee Claims are not reduced or eliminated and that no other Listed Claims are eliminated; and · pct of: unstated · outcome: distribution · pct low: 0.084 · pct high: 0.084 · class key: unsecured · stated by: monitor · class label: Affected Banro Unsecured Creditors · interim final: unstated · conditional on: in the event that the Employee Claims are not reduced or eliminated and that no other Listed Claims are eliminated · claims qualifier: unstated; basis: estimated · quote: 0.178% in the event that the Employee Claims are eliminated and that no other Listed Claims are eliminated. · pct of: unstated · outcome: distribution · pct low: 0.178 · pct high: 0.178 · class key: unsecured · stated by: monitor · class label: Affected Banro Unsecured Creditors · interim final: unstated · conditional on: in the event that the Employee Claims are eliminated and that no other Listed Claims are eliminated · claims qualifier: unstated; basis: plan · quote: The Plan provides that the Crown Priority Claims will be paid in full within six months after the Sanction Order, as required by section 6(3) of the CCAA. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: monitor · class label: Crown Priority Claims · interim final: unstated · conditional on: within six months after the Sanction Order · claims qualifier: unstated; basis: plan · quote: The Plan provides that the 6(5) Claims of Listed Creditors will be paid in full immediately after the Sanction Order, as required by section 6(5) of the CCAA. · pct of: unstated · outcome: paid_in_full · stated by: monitor · class label: 6(5) Claims of Listed Creditors · interim final: unstated · conditional on: immediately after the Sanction Order · claims qualifier: unstated; basis: liquidation_alternative · quote: In a scenario where the shares of the BGB, the BGB Subsidiaries or the DRC Subsidiaries are acquired by credit-bid acquisition or foreclosure, by Parity Debt holders, which includes the holders of Senior Secured Notes, minority Noteholders would receive their pari passu allocation of such shares, which is consistent with the distribution of the New Equity to Affected Secured Creditors under the Plan, but there would be no amounts available to unsecured creditors of Banro. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors of Banro (Enforcement of Security scenario) · interim final: unstated · claims qualifier: unstated · stated on: 2018-02-15 · table missing: For illustrative purposes, the Monitor has estimated the approximate recoveries to the Affected Creditors at various assumed realized values in a liquidation scenario, summarized as follows:
- report date15 February 2018
- report noThird Report