Alberta · Bankruptcy
Report of the Trustee to Creditors dated November 12, 2012
Court officer report · 12 November 2012
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What we verified from this filing11 verified
- appointeeDuff & Phelps Canada Restructuring Inc.
- appointee roletrustee in bankruptcy
- commencement date19 October 2012
- court file no24-1677807
- provinceALBERTA
- secured creditorsnote: Company's Statement of Affairs reflected Government of Alberta as unsecured, but Government of Alberta filed proof of claim on a secured basis; Trustee intends to have counsel opine on validity/enforceability; Government of Alberta expected to incur significant shortfall (difference between claim value and Bond value) and become largest unsecured creditor; original debenture indebtedness was $200 million, reduced to approximately $136 million per Jan 3, 1996 Debenture Amending Agreement, with remaining balance in two installments (second ~$52.6 million payable July 24, 2046) · page: 2 · as of: date of bankruptcy · amount: 52600000 · debtor: Vencap, Inc. (as successor to Vencap Equities Alberta Ltd. liabilities) · creditor: Government of Alberta (Her Majesty the Queen in Right of Alberta) · currency: CAD · security: Pledge Agreement dated January 3, 1996 pledging Government of Canada zero coupon strip Bond (face value $10.05 million at maturity, current market value approximately $7.6 million) to secure indebtedness under October 12, 1983 Participating Debenture, as amended
- unsecured creditorspage: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 567000 · debtor: Vencap, Inc. · creditor: Former VEAL debenture holders (group) · currency: CAD
- unsecured creditorsnote: unpaid income taxes; deemed trust class · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 127000 · debtor: Vencap, Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: unpaid income taxes; Company's SOA also separately reflected Government of Alberta as unsecured creditor on its Debenture claim, which is addressed under secured creditors (Government of Alberta asserts secured claim over the Bond for approximately $52.6 million); this $70,000 figure relates to unpaid income taxes · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 70000 · debtor: Vencap, Inc. · creditor: Government of Alberta · currency: CAD
- unsecured creditorspage: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 2600 · debtor: Vencap, Inc. · creditor: Computershare · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Government of Alberta will incur a significant shortfall on its claim (i.e. the difference between the value of its claim and the Bond) and, accordingly, it is anticipated that the Government of Alberta will be the largest creditor in the Company's bankrupt estate. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Government of Alberta · creditor name: Government of Alberta · interim final: unstated · claims qualifier: unstated · stated on: 2012-11-12 · table missing: