Ontario · Proposal
Brief of Authorities dated May 12, 2021
Application / notice of application · 12 May 2021
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 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: 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: proposal_trustee · class label: creditors in Option A · interim final: unstated · conditional on: with the amendment; at least 15 cents on the dollar · cents on dollar: 15 · claims qualifier: unstated; basis: plan · quote: The Consolidated Proposal provides for the satisfaction of Pension Claims in full as a condition precedent to implementation. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: court · class label: creditors with Pension Claims · interim final: unstated · conditional on: satisfaction of Pension Claims in full is a condition precedent to implementation · 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: court · class label: District Depositors paid in full by the Convenience Payment (approximately 62%) · interim final: unstated · conditional on: lesser of $5,000 or total claim, paid on the date the plan takes effect · 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: court · class label: trades creditors paid in full by the Convenience Payment (approximately 77%) · interim final: unstated · conditional on: lesser of $5,000 or total claim, paid on the date the plan takes effect · 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 · conditional on: NewCo shares only, on remaining proven claims · 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 (shares and cash) · interim final: unstated · conditional on: after deducting the Convenience Payments · claims qualifier: unstated · stated on: 2021-05-12 · table missing: