CCAA
Monitor’s Tenth Report to the Court
Court officer report · 1 April 2010
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: The Preferred Shares 4 will be issued in full satisfaction of the Cdn$38 million secured claim owing to GNB. · pct of: unstated · outcome: paid_in_full · currency: CAD · class key: secured · stated by: monitor · class label: GNB (secured claim) · claims amount: 38000000 · creditor name: GNB · interim final: unstated · conditional on: issued as Preferred Shares on closing of the Twin Rivers Transaction · currency quote: Cdn$38 million · claims qualifier: unstated; basis: unstated · quote: b) $25 million of the cash proceeds will be paid to CIBC, in full satisfaction of amounts outstanding pursuant to its pre-filing debt, which amount is guaranteed by BAM which holds security over all of the Applicants' assets; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · amount low: 25000000 · amount high: 25000000 · class label: CIBC (pre-filing debt) · creditor name: CIBC · interim final: unstated · conditional on: on closing, subject to Court approval · claims qualifier: unstated; basis: liquidation_alternative · quote: In respect of the unsecured creditors, in a liquidation, based on the Monitor's liquidation analysis, it is highly unlikely that the unsecured creditors would receive any significant recovery on their claims. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors (liquidation alternative) · interim final: unstated · conditional on: highly unlikely any significant recovery in a liquidation · claims qualifier: unstated; basis: estimated · quote: 127. As a result, the quantum of any cash and non-cash proceeds available for distribution to unsecured creditors is not currently determinable. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · conditional on: depends on net proceeds of Residual Assets and the Twin Rivers Consideration · claims qualifier: unstated · stated on: 2010-04-01 · table missing: