Ontario · CCAA
Compendium of M. Athanasoulis
Application / notice of application · 7 January 2021
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: All other holders of Affected Claims (which may include Pre-Sale Purchasers in respect of Claims for non-Deposit amounts, such as upgrades and credits on closing) would receive a distribution of up to 5% (the ' Distribution Rate ') of their Voting Claims, subject to an overall cap on aggregate Voting Claims for Affected Claims totaling $6,250,000. · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · amount high: 312500 · class label: All other holders of Affected Claims · claims amount: 6250000 · interim final: unstated · conditional on: Distribution Rate reduced proportionately if aggregate Voting Claims exceed $6,250,000 cap · claims qualifier: unstated; basis: plan · quote: Brokers who agree to execute the Broker RSA are entitled to receive a top-up payment on their pre-filing claims under the Plan, such that the total amount received after the top-up payment would result in a 55% recovery on their claim within 60 days of final closing of 90% of the saleable square footage of residential area, rather than the maximum 5% Distribution Rate under the Plan. · pct of: unstated · outcome: distribution · pct low: 55 · pct high: 55 · class key: unsecured · stated by: monitor · class label: Brokers who agree to execute the Broker RSA · interim final: unstated · conditional on: Broker executes the Broker RSA; payment within 60 days of final closing of 90% of saleable square footage of residential area; conditioned on approval of the Plan · claims qualifier: unstated; basis: plan · quote: Other than the purchasers under Pre-Sale Contracts, it is proposed that affected creditors (being those in categories (b) and (c) above) would receive a dividend equal to 3% of their proven claims in exchange for extinguishment of their claims and the releases contemplated under the Plan of Arrangement subject to there being a cap on funding for such claims of $300,000. · pct of: proven_claims · outcome: distribution · pct low: 3 · pct high: 3 · class key: unsecured · stated by: debtor · amount high: 300000 · class label: affected creditors (real estate brokers and general unsecured creditors) · interim final: unstated · conditional on: subject to a cap on funding for such claims of $300,000 · claims qualifier: unstated · table missing: