Ontario · CCAA
As noted above, the Meeting of the Affected Creditors of the Applicants to vote on the CCAA Plan is scheduled for July 21, 2022. Pursuant to section 23(1)(d.1) of the CCAA, the Monitor is required to file a report with the Court on the state of the Applicants’ business and financial affairs in advance of the Meeting. Pursuant to section 23(1)(e) of the CCAA, the Monitor is required to advise the Applicants’ creditors of the filing of such report. The purpose of this Fifth report of the Monitor (the “Fifth Report”) is to provide the Court and the Applicants’ creditors with an update and/or report on: a) the Applicants’ business and financial affairs; b) an update on the Investigation; c) the status of the Claims Process; and d) the Monitor’s recommendation to Affected Creditors with respect to voting on the CCAA Plan
Court officer report · 7 July 2022
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: As set out in the CCAA Plan, Distribution Creditors will ultimately receive payment in full of their claims and the Funded Debt Creditor will have their claims paid out in full no later than June 30, 2025. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: Distribution Creditors (Affected General Unsecured Creditors with Proven Claims) · interim final: unstated · conditional on: on the later of the Plan Implementation Date or when due, an amount equal to 70% of such Distribution Creditor's Proven Claim; and on the earlier of closing of the sale of remaining units at 331 Sheddon or eight months from the Plan Implementation Date, an amount equal to 30% of such Distribution Creditor's Proven Claim · claims qualifier: unstated; basis: plan · quote: an amount equal to 100% of such Funded Debt Claim, including all accrued interest and fees, on no later than June 30, 2025; and · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Funded Debt Unsecured Creditor · creditor name: Halmont · interim final: unstated · conditional on: no later than June 30, 2025, including all accrued interest and fees · claims qualifier: unstated; basis: liquidation_alternative · quote: Subject to the assumptions, notes and disclaimers set out in the Liquidation Analysis, it is estimated that secured creditors would suffer a deficiency of approximately $6.8 million on a consolidated basis and there would be no recovery to general unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: secured creditors · interim final: unstated · claims qualifier: unstated · shortfall amount: 6800000; basis: liquidation_alternative · quote: Subject to the assumptions, notes and disclaimers set out in the Liquidation Analysis, it is estimated that secured creditors would suffer a deficiency of approximately $6.8 million on a consolidated basis and there would be no recovery to general unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: general unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-07-07 · table missing: