British Columbia · Receivership (court-appointed)
Notice of Application for approval of the Proposal
Application / notice of application · 14 January 2015
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: All Affected Secured Creditors will receive one Common Share of the Company for every $0.08 cents of their Proven Claim. · pct of: unstated · outcome: distribution · class key: secured · stated by: trustee · class label: Affected Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All Unsecured Creditors with Proven Claims of $1,500 or less, or who elect to reduce their Proven Claim to that amount, will be paid in full. · pct of: proven_claims · outcome: paid_in_full · class key: unsecured · stated by: trustee · class label: Unsecured Creditors with Proven Claims of $1,500 or less (Convenience Creditors) · interim final: unstated · conditional on: Proven Claims of $1,500 or less, or electing to reduce claim to that amount · claims qualifier: unstated; basis: plan · quote: Unsecured Creditors with Proven Claims greater or equal to $30,000 may elect to be treated as "Equity Election Creditors" and receive Common Shares of the Company at the rate one Common Share for every $0.12 cents of their Proven Claim. · pct of: unstated · outcome: distribution · class key: equity · stated by: trustee · class label: Equity Election Creditors · interim final: unstated · conditional on: Proven Claims greater or equal to $30,000 · claims qualifier: unstated; basis: plan · quote: All other Unsecured Creditors (i.e. those with Proven Claims exceeding $1,500 who do not make one of the aforementioned elections) will receive $0.30 for every dollar of their Proven Claim. · pct of: proven_claims · outcome: distribution · pct low: 30 · pct high: 30 · class key: unsecured · stated by: trustee · class label: All other Unsecured Creditors · interim final: unstated · cents on dollar: 30 · claims qualifier: unstated; basis: plan · quote: Under the Proposal, the Key Supplier is to receive $0.70 for every dollar of its Proven Claim over a longer period of time, provided that it first agrees with the Company to continue to supply product to the Company on terms acceptable to the Company. · pct of: proven_claims · outcome: distribution · class key: unsecured · stated by: trustee · class label: Key Supplier · creditor name: Key Supplier · interim final: unstated · conditional on: provided that it first agrees with the Company to continue to supply product to the Company on terms acceptable to the Company · claims qualifier: unstated; basis: liquidation_alternative · quote: The result of this would be that the Proposal would fail, the Company would be deemed to be assigned into bankruptcy and the Affected Creditors would not recover any part of their Proven Claims. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Affected Creditors · interim final: unstated · conditional on: if the Key Supplier refused to continue to supply products and the Proposal failed, resulting in bankruptcy · claims qualifier: unstated · stated on: 2014-12-23 · table missing: