Ontario · CCAA
Distribution Motion Record (including Fifth Report of the Monitor to Court) returnable September 21, 2009
Court officer report · 16 September 2009
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 filing2 verified
- fee scheduleengagements: form: prose · rows: · money: total: quote: The Monitor's fees and disbursements for the period ended August total $304,125. · amount: 304125 · includes disbursements: true · approximate: false · period: end: 2009-08-31 · kind: interim · quote: for the period from April 24, 2009 to August 31, 2009 · start: 2009-04-24 · approval: quote: approving the fees and disbursements of the Monitor and of the Monitor's counsel for the period from April 24, 2009 to August 31, 2009 as detailed in the Monitor's Fifth Report · state: sought · averages: rate: 422.55 · quote: Richter's average hourly rate during the period was $422.55. · currency: · invoices: · firm text: RSM Richter Inc. · firm quote: RSM Richter Inc., in its capacity as monitor · context quote: RSM Richter Inc., in its capacity as monitor (the "Monitor") appointed in the proceedings taken under the Companies' Creditors Arrangement Act · context unverified: true; form: prose · rows: · money: approximate: false · period: end: 2009-08-31 · kind: interim · quote: for the period from April 24, 2009 to August 31, 2009 · start: 2009-04-24 · approval: quote: approving the fees and disbursements of the Monitor and of the Monitor's counsel for the period from April 24, 2009 to August 31, 2009 · state: sought · averages: rate: 527.92 · quote: Ogilvy's average hourly rate during the period was $527.92. · currency: · invoices: · firm text: Ogilvy Renault LLP · firm quote: approving the fees and disbursements of the Monitor and its counsel, Ogilvy Renault LLP, for the period ended August 31, 2009 · context quote: approving the fees and disbursements of the Monitor and of the Monitor's counsel for the period from April 24, 2009 to August 31, 2009
- recovery outcomeentries: basis: estimated · quote: There are sufficient funds available to repay CRA in full. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: monitor · class label: Canada Revenue Agency (property claim) · claims amount: 135178 · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: asserted; basis: estimated · quote: There are sufficient funds available to repay Comerica in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: Comerica Bank · creditor name: Comerica · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Monitor is proposing to repay the DIP facility in full, including fees. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: DIP Lender's Charge (Vengrowth) · creditor name: Vengrowth · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: There are sufficient funds available to repay in full the 2' Debenture Holders. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: 2nd Debenture Holders · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The 3rd Debenture Holders are projected to incur a substantial shortfall on the amounts owing to them. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: 3rd Debenture Holders · claims amount: 5900000 · interim final: unstated · claims qualifier: asserted; basis: estimated · quote: There will be insufficient monies to make any distribution to the Mezzanine Debentures (totalling approximately $11.4 million) or any of the Company's other creditors ranking behind the Mezzanine Debentures. · pct of: unstated · outcome: nil · class key: secured · stated by: monitor · class label: Mezzanine Debentures and other creditors ranking behind · claims amount: 11400000 · interim final: unstated · claims qualifier: asserted · table missing: