Alberta · NOI
Trustee's Report on the Proposal - January 24, 2013
Court officer report · 24 January 2013
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: Cash line in the unaudited financial position table (book value as at Nov 30/12); the same figure is shown as net realizable value as at Jan 1/13. · as at: 2012-11-30 · amount: 77484 · currency: CAD · qualifier: book value, unaudited
- financial positionnote: Assets are at book value as at Nov 30/12; the liabilities column shows the same totals under both the book value and net realizable value headings. Stated book equity is $117,806. Component assets: cash 77,484; accounts receivable 486,689; other current assets 142,600; machinery and equipment 5,241,256. The Trustee states it has not audited or verified the Company's information. · as at: 2012-11-30 · basis: Unaudited; book value as at Nov 30/12. The table also gives an estimated net realizable value as at Jan 1/13 (total assets 3,560,093 vs. the same total liabilities of 5,830,223, a deficiency of (2,270,130)), based on a May 2012 Century Services forced-liquidation appraisal of machinery and equipment ($2,995,920). · scope: BOE Energy Systems Ltd. (single entity) · currency: CAD · total assets: 5948029 · total liabilities: 5830223
- operational summaryBOE is a private oil and gas service company renting dewatering and well site fluid management systems. It continues to operate while restructuring under a proposal, with its two primary secured lenders (RBC and BDC) paying interest only until March 2013 and supporting the proposal.
- recovery outcomeentries: basis: plan · quote: The Affected Secured Creditor shall receive, in full and final satisfaction of its Affected Secured Claim, Common Shares in full payment of its Affected Secured Claim, on the basis that the Affected Secured Creditor will receive one (1) Common Share for each dollar ($1.00) making up the principal amount of its Affected Secured Claim, without interest or penalty. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Affected Secured Creditor · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Crown Claims, as defined in the Proposal, are to be paid in full under the terms of the Proposal. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The claims of Preferred Creditors shall be paid in full in cash, without interest or penalty, and subject to the Superintendent's Levy, in priority to the claims of Ordinary Unsecured Creditors. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Option A – cash in an amount equal to the lesser of $1,500 or the principal amount of its Ordinary Unsecured Claim, without interest or penalty, as full and final payment in satisfaction of their claim; or · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 1500 · amount high: 1500 · class label: Ordinary Unsecured Creditors · interim final: unstated · conditional on: Option A: cash equal to the lesser of $1,500 or the principal amount of the claim; Option B: one Common Share for each dollar of the principal amount of the claim · claims qualifier: unstated · table missing:
- report date24 January 2013
- report noTrustee's First Report to the Creditors