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What we verified from this filing5 verified
- financial positionnote: Assets book value total $3,687,742 (Accounts receivable $1,571,432; Inventory $191,224; Capital Assets $1,925,086) with estimated realizable value low $291,359 / high $706,162; Creditors total $4,931,940 (Priority $257,042; Secured $3,773,970; Preferred $0; Unsecured $900,928) as at the NOI Date (November 15, 2013). · as at: 2014-02-10 · basis: unaudited financial information / Statement of Affairs; estimated realizable value in liquidation ranged $291,359 to $706,162 · scope: entity - Blue Wave Seafoods Incorporated · currency: CAD · total assets: 3687742 · total liabilities: 4931940
- operational summaryDue to inability to access additional financing from BMO, Blue Wave's accounts payable to subsequent (post-filing) creditors have increased and some are now over 91 days past due, indicating continued operational strain during the proposal proceedings.
- professional feesnote: Estimated professional fees under the Proposal scenario ($50,000 low/high) and under liquidation in bankruptcy ($12,500); part of Statement of Estimated Realization, not actual fees billed. · party: Proposal Trustee (and other professionals collectively) · amount: 50000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: Deferred Creditors shall not receive any distribution in this Proposal. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Deferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All Preferred Creditors will be paid in full, without interest, under the statutory requirements as contained within the BIA, before any payments are made to the Unsecured Creditors. · pct of: unstated · 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: If the Proposal Is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that Secured Creditors would realize less on their security and Unsecured Creditors would not receive any distribution, as opposed to a distribution in the range of 10 - 25% contemplated by the terms of the Proposal. · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 25 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2014-02-24 · table missing:
- report date21 March 2014