Northwest Territories · NOI
Minutes of the First Meeting of Creditor’s
Meeting materials · 18 December 2019
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
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on our review of the Company's current assets and liabilities and our discussions with the Company's management, in the event of a bankruptcy, it would provide the unsecured creditors a recovery of $nil. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Under a Proposal, we estimate there will be net proceeds available to unsecured creditors between $nil and $400,000 depending on whether Clark Builders judgement amount is collected in full, the amount of account receivables collected, and the proceeds from auctioning the Newfoundland Assets. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · amount low: 0 · amount high: 400000 · class label: unsecured creditors · interim final: unstated · conditional on: depending on whether Clark Builders judgement amount is collected in full, the amount of account receivables collected, and the proceeds from auctioning the Newfoundland Assets · claims qualifier: unstated; basis: plan · quote: This would provide unsecured creditors a recovery between $nil and $0.14 per $1 of outstanding claim. · pct of: unstated · outcome: distribution · pct low: 0 · pct high: 14 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · cents on dollar: 14 · claims qualifier: unstated · stated on: 2019-12-06 · table missing:
- financial positionnote: As at July 2019 (exact day not stated). Balance sheet is headed 'Canadian Dollars in Thousands' but figures appear to be in dollars (the income statement net loss of 827,777 is reported in the text as $827,777). Total equity (217,121). Text states the Company has $5.7 million of total debt. Statement of Affairs (Table 2) book value of assets $1,864,632, estimated realizable value $3,425,160 at November 29, 2019. · basis: Management prepared year-to-date financial statements as at July 2019 (Appendix A balance sheet); the Statement of Affairs separately estimates realizable asset value of $3,425,160 · scope: McCaw North Drilling & Blasting Ltd. (single entity balance sheet) · currency: CAD · total assets: 3948401 · total liabilities: 4165521