Ontario · NOI
Proposal Trustee's Eighth Report to Court dated August 18, 2023
Court officer report · 18 August 2023
What we verified from this filing5 verified
- operational summaryThe Company's business operations have long since ceased following the July 2020 termination of its contract with PGH and closure of its restaurants due to Covid-19; the current activities relate solely to litigation recovery and administering an employee compensation claims process funded by PGH litigation proceeds.
- professional feesnote: Fee cap inclusive of disbursements and HST; not part of the 10% cap on Proposal Trustee's fees for administering the employee claims process. · party: Cavalluzzo LLP (Representative Counsel) · amount: 35000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: A recovery of approximately 44% for Unsecured Creditors was estimated in the Report to Creditors based on: (i) the full amount of the PGH Litigation Funds being paid to the Company; (ii) an estimated $500,000 of additional advances under the DIP Facility; and (iii) the Unsecured Claims being approximately $10,450,000. · pct of: unstated · outcome: distribution · pct low: 44 · pct high: 44 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 10450000 · interim final: unstated · conditional on: Recoveries for Unsecured Creditors under the Proposal are contingent on the Proposal Trustee's receipt of PGH Litigation Funds · claims qualifier: unstated; basis: estimated · quote: Since the date of the Report to Creditors, the Cost Award was issued and the estimated distribution to creditors increased correspondingly to approximately 53% of the claims, subject to the factors noted above. · pct of: unstated · outcome: distribution · pct low: 53 · pct high: 53 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: Recoveries for Unsecured Creditors under the Proposal are contingent on the Proposal Trustee's receipt of PGH Litigation Funds · claims qualifier: unstated · table missing:
- report date18 August 2023
- report noEighth Report