Ontario · NOI
Proposal Trustee's Seventh Report to Court dated August 20, 2021
Court officer report · 20 August 2021
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What we verified from this filing6 verified
- cash on handnote: Cash listed as an asset in the financial position table, in $000s. · amount: 106000 · currency: CAD
- financial positionnote: Summary of the Company's financial position as of the date of the Proposal (July 26, 2021). Components (in $000s): Cash 106, PGH Litigation Employee Funds receivable 2,063, PGH Litigation Funds receivable 6,389 = Total Assets 8,558; Administrative Charges under NOI 232, DIP Facility 1,227, Unaffected Employee ESA Claims 2,063, Unsecured Creditors 10,450 = Total Liabilities 13,972; Equity/(Deficit) (5,414). Total liabilities include certain intercompany/related party liabilities and $894,400 of corporate overhead costs pleaded at trial but not previously recorded, which the Proposal Trustee has not yet reviewed and remain subject to review. · basis: Unaudited · scope: entity - 2505243 Ontario Limited · currency: CAD · total assets: 8558000 · total liabilities: 13972000
- operational summaryThe Company is not presently operating and has only one remaining employee, with disbursements limited mainly to payroll while it pursues litigation against PGH and works toward implementing its Proposal.
- recovery outcomeentries: basis: plan · quote: Since the date of the Report to Creditors, the Cost Award was issued and the estimated distribution to creditors increased correspondingly to approximately 53% of the claims, subject to the factors noted above. · pct of: unstated · outcome: distribution · pct low: 53 · pct high: 53 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: contingent on the Proposal Trustee's receipt of PGH Litigation Funds · claims qualifier: unstated; basis: plan · quote: Based on: (i) the full amount of the PGH Litigation Funds being paid to the Company; (ii) an estimated $500,000 of additional advances under the DIP Facility; and (iii) the Unsecured Claims being approximately $10,450,000, creditors are estimated to receive approximately a 44% recovery on their claims. · pct of: unstated · outcome: distribution · pct low: 44 · pct high: 44 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 10450000 · interim final: unstated · conditional on: contingent on the Proposal Trustee's receipt of PGH Litigation Funds · claims qualifier: estimated · stated on: 2021-08-20 · table missing:
- report date20 August 2021
- report noSeventh Report