Ontario · NOI
Proposal Approval Motion returnable November 13, 2020.pdf
Application / notice of application · 13 November 2020
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: liquidation_alternative · quote: Given that the estimated value of the Debtors' assets in a liquidation is less than $9.600,000, there are no anticipated funds available to unsecured creditors should the Amended Proposal not be approved by the Court. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: Amended Proposal not approved by the Court · claims qualifier: unstated; basis: plan · quote: Approval of the Amended Proposal affords the unsecured creditors the opportunity to receive a dividend of up to 100% of their proven claims depending on the profitability of New Artiva over the next four (4) fiscal years. · pct of: proven_claims · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: payments against the Certificates made by New Artiva at 50% of net income for FY2020-2023, provided positive net income; no creditor to receive more than 100% of Proven Claim · claims qualifier: unstated; basis: liquidation_alternative · quote: Given the appraised market value of the Artiva Facility, and the potential discount from the appraised market value that is typically experienced in a liquidation scenario, it is unlikely that a liquidation will generate sufficient net proceeds to provide for any distribution to the Unsecured Creditors in the event the Proposal is rejected. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: Proposal rejected · claims qualifier: unstated; basis: plan · quote: Acceptance of the Proposal affords those Creditors the opportunity to receive a dividend of up to 100% of their Proven Claims depending on the profitability of New Artiva over the next four (4) fiscal years. · pct of: proven_claims · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: payments against the Certificates made by New Artiva at 50% of net income for FY2020-2023, provided positive net income; no creditor to receive more than 100% of Proven Claim · claims qualifier: unstated; basis: plan · quote: The Proven Claims of the Preferred Creditors are to be paid in full in priority to the Proven Claims of the Unsecured Creditors in accordance with the BIA and the Proposal. · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Related Creditors shall not be entitled to vote on the Proposal or receive a distribution under the Proposal until the Proven Claims of the Secured and Unsecured Creditors are paid in full. · pct of: unstated · outcome: nil · stated by: proposal_trustee · class label: Related Creditors · interim final: unstated · conditional on: until the Proven Claims of the Secured and Unsecured Creditors are paid in full · claims qualifier: unstated · stated on: 2020-10-22 · table missing: