Alberta · CCAA
Vita Crystallina 2021 Annual Report
Court officer report · 31 May 2022
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: Ending cash balance per Exhibit 1.0, presented in $000's (430). Monitor forecasts $385,000 available for distribution after funding a $45,000 administrative reserve. · as at: 2021-12-31 · amount: 430000 · currency: CAD
- operational summaryVita's land development project is complete and its remaining assets (trailing cost recoveries) have been realized; the administration is expected to wrap up in 2022 with a second and final distribution to unsecured creditors.
- professional feesnote: Approximately $26,000 of CCAA professional fees relate to the Monitor's fees in administering the CCAA proceedings; the document does not say whether tax is excluded. Separately, management fees of approx. $64,000 were paid to WGIL. · party: Monitor (Ernst & Young Inc.) · amount: 26000 · period: January 1, 2021 to December 31, 2021 · currency: CAD
- recovery outcomeentries: basis: actual · quote: The Monitor made an aggregate distribution of $900,000 to Claimants in December 2019, representing approximately 29% of the value of proven claims filed against Vita. · pct of: proven_claims · outcome: distribution · pct low: 29 · pct high: 29 · class key: unsecured · stated by: monitor · amount low: 900000 · cumulative: false · amount high: 900000 · class label: Claimants (unsecured creditors with proven claims) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Therefore, the Monitor expects to undertake a second and final distribution to Claimants in 2022 in the amount of $385,000. · pct of: unstated · outcome: distribution · pct low: 17 · pct high: 17 · class key: unsecured · stated by: monitor · amount low: 385000 · cumulative: false · amount high: 385000 · class label: Claimants (unsecured creditors with proven claims) · claims amount: 2208000 · interim final: final · claims qualifier: unstated; basis: estimated · quote: The aggregate recovery to be received by Claimants is estimated to be 41% including the forecast 2022 distribution, which is estimated to be 17% of the value of remaining unsecured claims against, and the $900,000 distribution issued to Claimants in 2019 (paid out 29% of the value of proven unsecured claims against Vita). · pct of: unstated · outcome: distribution · pct low: 41 · pct high: 41 · class key: unsecured · stated by: monitor · cumulative: true · class label: Claimants (unsecured creditors with proven claims) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: No funds are expected to be available to the limited partners of Walton Vita Crystallina Development Corporation LP. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: limited partners of Walton Vita Crystallina Development Corporation LP · interim final: unstated · claims qualifier: unstated · stated on: 2022-05-31 · table missing:
- report date31 May 2022
- report no2021 Annual Report