Ontario · Proposal
Brief of Authorities dated May 12, 2021
Application / notice of application · 12 May 2021
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What we verified from this filing8 verified
- appointeeKSV Restructuring Inc.
- appointee roleProposal Trustee
- courtSUPERIOR COURT OF JUSTICE
- court file no32-2714829
- proceeding typebia_proposal
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- statutory basisBANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, C. B-3, AS AMENDED
- recovery outcomeentries: basis: estimated · quote: 29 The Trustee estimates that, with the amendment, the creditors in Option A will realize at least 15 cents on the dollar for their claims. · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: trustee · class label: creditors in Option A · interim final: unstated · cents on dollar: 15 · claims qualifier: unstated; basis: estimated · quote: In fact, the situation at the outset of the hearing and prior to the amendment was that recovery under the Proposals would have been in the order of 4 or 5 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 4 · pct high: 5 · class key: unsecured · stated by: trustee · class label: creditors under the Proposals (prior to amendment) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The proposal submitted to the creditors is that Gordon MacKay & Co. are willing to advance a sum sufficient to pay all the creditors, other than themselves, 55 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 55 · pct high: 55 · class key: unsecured · stated by: debtor · class label: other creditors (than Gordon MacKay & Co.) · interim final: unstated · cents on dollar: 55 · claims qualifier: unstated; basis: unstated · quote: This means, of course, that Gordon MacKay & Co. will still retain the right to call for payment of their claim in full, while the other creditors of the scheme if approved by the Court will forego 45 per cent of their claims. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: debtor · class label: Gordon MacKay & Co. · creditor name: Gordon MacKay & Co. · interim final: unstated · claims qualifier: unstated; basis: plan · quote: This will result in 1,640 District Depositors (approximately 62%) and 10 trades creditors (approximately 77%) being paid in full. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: District Depositors and trades creditors (Convenience Payments) · interim final: unstated · conditional on: Convenience Payment: lesser of $5,000 or total claim amount · claims qualifier: unstated; basis: estimated · quote: The Monitor currently estimates that creditors remaining unpaid after the Convenience Payment will receive NewCo shares valued at between 53% and 60% of their remaining proven claims. · pct of: proven_claims · outcome: distribution · pct low: 53 · pct high: 60 · class key: unsecured · stated by: monitor · class label: creditors remaining unpaid after the Convenience Payment (NewCo shares) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The cash payments arising from liquidation of non-core assets and the distribution of shares are anticipated by the Monitor to provide creditors who are not paid in full by the Convenience Payments with distributions valued at between 68% and 80% of their remaining proven claims, after deducting the Convenience Payments. · pct of: proven_claims · outcome: distribution · pct low: 68 · pct high: 80 · class key: unsecured · stated by: monitor · class label: creditors not paid in full by the Convenience Payments · interim final: unstated · conditional on: after deducting the Convenience Payments · claims qualifier: unstated · table missing: