Alberta · CCAA
Originating Application (Dissolution), filed
Application / notice of application · 18 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 filing4 verified
- financial positionnote: Total outstanding debt of $28.9 million, of which $20.1 million was secured debt (Kingsett $10.9M + Senior Lender Syndicate $9.2M) and remainder unsecured, comprised of $1.1M trade debt, $5.8M related-party debt (Enhanced Entities under CCAA and WGIL), and $1.9M accrued liabilities for costs to complete/deferred revenue/builder deposits. WBLDLP stated to be currently insolvent (fair market value of assets less than liabilities); no total asset figure given. · page: 3 · as at: 2019-06-30 · basis: Stated in application; not specified as audited/unaudited · scope: Walton Big Lake Development L.P. (WBLDLP) entity only · currency: CAD · total liabilities: 28900000
- secured creditorsnote: Referred to as the 'Mezzanine Lender' · page: 3 · as of: 2019-06-30 · amount: 10900000 · debtor: Walton Big Lake Development L.P. (WBLDLP) · creditor: Kingsett Capital · currency: CAD · security: Registered mortgage security over all assets of WBLDLP and WBLDC
- secured creditorsnote: Collectively referred to as the 'Senior Lender Syndicate'; amount stated as combined total for the three lenders, not itemized individually · page: 3 · as of: 2019-06-30 · amount: 9200000 · debtor: Walton Big Lake Development L.P. (WBLDLP) · creditor: MCAN Mortgage Corporation, Concentra Bank and Canadian Western Bank (Senior Lender Syndicate) · currency: CAD · security: Registered mortgage security over all assets of WBLDLP and WBLDC
- recovery outcomeentries: basis: unstated · quote: (a) WEAL will satisfy all of WBLDLP's Trade Debt; · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: debtor · class label: Trade Debt · claims amount: 1100000 · interim final: unstated · related party: false · conditional on: After the Transaction closes · claims qualifier: listed; basis: estimated · quote: (b) it is expected that a portion of the RP Debt will be forgiven by WGIL; and · pct of: unstated · outcome: shortfall · class key: unsecured · stated by: debtor · class label: RP Debt · claims amount: 5800000 · interim final: unstated · conditional on: After the Transaction closes · claims qualifier: listed; basis: estimated · quote: It is expected that there will be no recovery for all unsecured creditors and equity holders of WBLDC and WBLDLP as the proceeds of the Transaction will be insufficient to do so. · pct of: unstated · outcome: nil · class key: equity · stated by: debtor · class label: unsecured creditors and equity holders of WBLDC and WBLDLP · interim final: unstated · claims qualifier: unstated · table missing: