Ontario · CCAA
Third Report of the Monitor dated May 8, 2023
Court officer report · 8 May 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- process resultsnote: No Qualified Bid other than the Stalking Horse Bid was received by the Qualified Bid Deadline · as of: 2023-04-27 · qualified bids: 0
- purchaserBank of Montreal
- recovery outcomeentries: basis: estimated · quote: In considering the relief to be sought at the Applicant's motion returnable May 12, 2023, particularly the proposed AVO, the Monitor is cognizant of the significant shortfall projected to be incurred by the principal economic stakeholders in this proceeding, being the Credit Agreement Lenders (defined below), who are owed approximately US$656 million of principal funded debt, which is guaranteed by the Applicant on a senior secured basis. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Credit Agreement Lenders · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As the Consenting Stakeholders are projected to incur a significant shortfall on their loans under the Credit Agreement, the Support Agreement provides the framework for this proceeding to be carried out on a consensual basis in order to complete a going-concern transaction pursuant to the Stalking Horse APA, or another transaction identified through the SISP, for the benefit of the Applicant's stakeholders, including creditors, employees, Partners and suppliers. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Consenting Stakeholders (Credit Agreement Lenders) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: It clearly establishes that the alternative liquidation scenario would yield no recovery for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- sale advisorPJT Partners LP
- sale outcometext: No Qualified Bids were received before the Bid Deadline, and accordingly, the Stalking Horse APA was deemed to be the Successful Bid in the SISP · scope: whole_business · status: approved
- stalking horseBMO (160000000)