Alberta · CCAA
First Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
Court officer report · 14 December 2021
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 filing6 verified
- cash on handnote: Actual opening bank balance as at the Filing Date, compared to CFS#1 forecast opening cash balance of $248,000 · as at: 2021-12-08 · amount: 549825 · currency: CAD
- operational summaryKaisen continues to operate its heavy oil business in Alberta and Saskatchewan during the CCAA proceedings, with the Monitor noting no material or adverse changes to operations and full cooperation from Company management.
- professional feesnote: Forecasted estimate, not actual fees incurred · party: Monitor, Monitor's legal counsel, KEC's legal counsel, and the Plan Sponsor's legal counsel · amount: 350000 · period: 13-week Forecast Period · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on this recovery, secured creditors could receive 66% in the LTM scenario, 68% in the NTM scenario, and 100% in the ENTM scenario. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Secured creditors (Net Operating Income Method, ENTM scenario) · interim final: unstated · conditional on: ENTM scenario · claims qualifier: unstated; basis: liquidation_alternative · quote: Unsecured Creditors are estimated to receive 0%, 0% and 15% under the LTM, NTM, or ENTM scenarios respectively. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Unsecured Creditors (LTM scenario) · interim final: unstated · conditional on: LTM scenario · claims qualifier: unstated; basis: liquidation_alternative · quote: Unsecured Creditors are estimated to receive 0%, 0% and 15% under the LTM, NTM, or ENTM scenarios respectively. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Unsecured Creditors (NTM scenario) · interim final: unstated · conditional on: NTM scenario · claims qualifier: unstated; basis: liquidation_alternative · quote: Unsecured Creditors are estimated to receive 0%, 0% and 15% under the LTM, NTM, or ENTM scenarios respectively. · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: monitor · class label: Unsecured Creditors (ENTM scenario) · interim final: unstated · conditional on: ENTM scenario · claims qualifier: unstated; basis: plan · quote: The Senior Secured Class will receive a 100% recovery under the Plan, albeit converted to an equity interest in the Company, at the same price per share afforded to all Eligible Investors as part of the Rights Offering; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Senior Secured Class · interim final: unstated · conditional on: converted to an equity interest in the Company at the Rights Offering price per share · claims qualifier: unstated; basis: plan · quote: The Municipal Tax Class will receive an initial payment under the Plan, after which they are entitled to elect to receive 100% of their residual claim (exclusive of pre-filing interest and penalties), albeit spread over four (4) years. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Municipal Tax Class · interim final: unstated · conditional on: initial payment, then election to receive 100% of residual claim (exclusive of pre-filing interest and penalties) spread over four years · claims qualifier: unstated; basis: plan · quote: the Affected Unsecured Class will receive a recovery under the Plan, in some cases up to 100% of a creditor's claim, whereas in a liquidation it is likely that they will receive nothing. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Affected Unsecured Class · interim final: unstated · conditional on: in some cases up to 100% of a creditor's claim · claims qualifier: unstated; basis: liquidation_alternative · quote: the Affected Unsecured Class will receive a recovery under the Plan, in some cases up to 100% of a creditor's claim, whereas in a liquidation it is likely that they will receive nothing. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Affected Unsecured Class · interim final: unstated · claims qualifier: unstated · stated on: 2021-12-14 · table missing:
- report date14 December 2021
- report noFirst Report