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 filing7 verified
- secured creditorsnote: Related party: Letwin is a director and shareholder of the Debtor. Secured Lender also advanced approx. $4,490,000 under earlier promissory notes, treated as Unsecured Claims in the Proposal (not secured). · page: 6 · as of: 2023-05-26 · amount: 450000 · debtor: ONEnergy Inc. (fka Look Communications Inc.) · creditor: Stephen J.J. Letwin (Secured Lender) · currency: CAD · security: Promissory Note dated May 26, 2023 to cover costs of the restructuring
- unsecured creditorsnote: Related party (director/shareholder); described as 'approximate amount'; amount stated as $4,490,000 in report and Proposal. · page: 6 · as of: 2023-06-13 · basis: Trustee's Report to Creditors - approximate amount advanced under earlier promissory notes, treated as Unsecured Claims · amount: 4490000 · debtor: ONEnergy Inc. (fka Look Communications Inc.) · creditor: Stephen J.J. Letwin (Secured Lender) - earlier promissory notes · currency: CAD
- financial positionnote: Total liabilities not stated as a single total in the document; components are Preferred Creditors $13,794.87, Unsecured Creditors $9,789,486.33, Contingent Claims $1.00, Shortfall to Unsecured Creditors $9,765,956.25 (per Rule 1, not summed here for total_liabilities field except as computed transparently from stated components; treat with caution). Statement of Affairs does not include estimate for projected realization costs. Estimated realization on assets in bankruptcy scenario is NIL after payment to Secured Lender on account of the May 26 Note. · page: 7 · as at: 2023-03-31 · basis: Company's most recent internally prepared (unaudited) financial statements as at March 31, 2023, plus discussions with Management; Trustee has not conducted an audit or investigation · scope: Entity-level: ONEnergy Inc. (fka Look Communications Inc.) · currency: CAD · total assets: 37325.95 · total liabilities: 9803282.2
- unsecured creditorsnote: Document names no individual creditors; includes the $4,490,000 owed to the Secured Lender under earlier promissory notes, treated as unsecured. As of report date (2023-06-13), Trustee had not received any Claims (Proofs of Claim) yet. · page: 7 · as of: 2023-03-31 · basis: Statement of Estimated Realization - condensed schedule of assets and liabilities based on internally prepared financial statements as at March 31, 2023 · amount: 9789486.33 · debtor: ONEnergy Inc. (fka Look Communications Inc.) · creditor: Unsecured Creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred, ranks ahead of ordinary unsecured claims; document names no individual creditors. · page: 7 · as of: 2023-03-31 · basis: Statement of Estimated Realization - condensed schedule of assets and liabilities based on internally prepared financial statements as at March 31, 2023 · amount: 13794.87 · debtor: ONEnergy Inc. (fka Look Communications Inc.) · creditor: Preferred Creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Nominal contingent claim figure; document names no individual creditors. · page: 7 · as of: 2023-03-31 · basis: Statement of Estimated Realization - condensed schedule of assets and liabilities based on internally prepared financial statements as at March 31, 2023 · amount: 1 · debtor: ONEnergy Inc. (fka Look Communications Inc.) · creditor: Contingent Claims (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: plan · quote: Preferred Creditors, if any, shall be paid in full in priority to Proven Unsecured Claims out of funds to be delivered by the Debtor to the Trustee. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Proven Unsecured Claims shall be paid in full by way of the issuance of Common Shares of the Debtor. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: debtor · class label: Unsecured Creditors (Proven Unsecured Claims) · interim final: unstated · conditional on: issuance of Common Shares equal to the value of the Proven Unsecured Claim · claims qualifier: unstated; basis: liquidation_alternative · quote: As such, in a bankruptcy scenario, there will be limited funds available for the Secured Lender on account of its May 26 Note, and no funds available for distribution amongst Unsecured Creditors in contrast to the satisfaction in full of Creditor Claims being offered under the Proposal (subject to the applicable levy payable to the Superintendent of Bankruptcy). · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on the analysis above, the estimated realization on assets in a bankruptcy scenario will be NIL after payment to the Secured Lender of the amount owed under the May 26 Note. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured Lender (May 26 Note) · creditor name: Secured Lender · interim final: unstated · claims qualifier: unstated · stated on: 2023-05-30 · table missing: