Ontario · Proposal
Information Meeting of Unsecured Creditors of Wisp Internet Services Inc. – Handout
Meeting materials · 10 October 2019
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: 53% to 83% of the value of the original rental contract Description of claimant: Amount to build tower was paid in 2018 but, to date, tower was not built on Owner's property. · pct of: unstated · outcome: distribution · pct low: 53 · pct high: 83 · class key: unsecured · stated by: proposal_trustee · class label: Owners (tower rental contract - not built) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Therefore, in a bankruptcy there would be no proposal payments or net proceeds from the sale of assets available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors (in a bankruptcy) · interim final: unstated · conditional on: Should the creditors not vote in favour of the proposal, or the Court not approve the proposal, there will be an automatic bankruptcy · claims qualifier: unstated; basis: plan · quote: 28% of the value of the original rental contract Wisp Internet Services Inc. Draft Proposal Term Sheet Unsecured Creditor Class - Group 3 Illustration Description of claimant: Unsecured lender, trade creditor, landlord and any other party who Is owed money by Wisp Internet Services Inc. but excluding any creditor with a tower agreement. · pct of: unstated · outcome: distribution · pct low: 28 · pct high: 28 · class key: landlord · stated by: proposal_trustee · class label: Unsecured Creditor Class - Group 3 (unsecured lender, trade creditor, landlord, etc.) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All other unsecured creditors (unsecured creditors without tower agreeements) are expected to realize in years 2 to 6 of the proposal approximately 14% of their claim. · pct of: unstated · outcome: distribution · pct low: 14 · pct high: 14 · class key: unsecured · stated by: proposal_trustee · class label: All other unsecured creditors (unsecured creditors without tower agreements) · interim final: unstated · claims qualifier: unstated · stated on: 2019-10-10 · table missing: