Quebec · CCAA
Petition for the Approval of a Re-Amended Plan of Arrangement – dated October 12, 2010
Plan of arrangement / compromise · 12 October 2010
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: liquidation_alternative · quote: The Monitor recommended the acceptance of the Plan by the creditors, since, among others, the only alternative to the Plan was the bankruptcy of the Petitioners, which would have resulted in a significant shortfall to the Secured Creditors and no recovery to the Unsecured Creditors, as appears from the Court record; · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Unsecured Creditors · interim final: unstated · conditional on: in the event of bankruptcy of the Petitioners · claims qualifier: unstated; basis: liquidation_alternative · quote: The Monitor recommended the acceptance of the Plan by the creditors, since, among others, the only alternative to the Plan was the bankruptcy of the Petitioners, which would have resulted in a significant shortfall to the Secured Creditors and no recovery to the Unsecured Creditors, as appears from the Court record; · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Secured Creditors · interim final: unstated · conditional on: in the event of bankruptcy of the Petitioners · claims qualifier: unstated; basis: plan · quote: Each Secured Creditor shall be paid the full amount of its Secured Claim, according to terms agreed to between those creditors and the Petitioners, on or after the Sanction Order. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: debtor · class label: Secured Creditors · interim final: unstated · conditional on: according to terms agreed to between those creditors and the Petitioners · claims qualifier: unstated; basis: plan · quote: Pursuant to the Plan, the Unsecured Creditors had the option to receive payment in the amount of the lesser of their Unsecured Claim and CDN $1,500, in full and final settlement of all of their Claims (the "Option 1 Distribution"); · pct of: unstated · outcome: distribution · currency: CAD · class key: unsecured · stated by: debtor · amount high: 1500 · class label: Unsecured Creditors (Option 1 Distribution) · interim final: unstated · conditional on: lesser of their Unsecured Claim and CDN $1,500, in full and final settlement of all of their Claims · currency quote: CDN $1,500 · claims qualifier: unstated; basis: plan · quote: Alternatively, Unsecured Creditors who had not elected for the Option 1 Distribution were set to receive in two distributions their pro rata share of the balance of a $3 million basket, after payment of Crown Claims and distributions to the Unsecured Creditors who elected for the Option 1 Distribution (the "Option 2 Distributions"); · pct of: unstated · outcome: distribution · class key: unsecured · stated by: debtor · class label: Unsecured Creditors (Option 2 Distributions) · interim final: unstated · conditional on: pro rata share of the balance of a $3 million basket, after payment of Crown Claims and Option 1 Distributions, in two distributions · claims qualifier: unstated; basis: plan · quote: In accordance with subsection 6(3) of the CCAA, Crown Claims will be paid in full no later than six (6) months after the date of the Sanction Order. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: debtor · class label: Crown Claims · interim final: unstated · conditional on: no later than six (6) months after the date of the Sanction Order · claims qualifier: unstated · table missing: