Alberta · CCAA
First Report of the Monitor
Court officer report · 27 January 2022
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 filing6 verified
- cash on handnote: Actual opening bank balance as at the Filing Date, compared to forecasted $248,000 in CFS#1 · as at: 2021-12-08 · amount: 549825 · currency: CAD
- operational summaryKaisen continues to operate its heavy oil business in the ordinary course during the CCAA proceedings, with no material or adverse changes identified, while pursuing a restructuring plan and DIP financing to address liquidity constraints.
- professional feesnote: Estimate from Cash Flow Statement forecast notes, not a stated actual/incurred figure · party: Monitor, Monitor's legal counsel, KEC's legal counsel, and the Plan Sponsor's legal counsel · amount: 350000 · period: 13-week forecast period · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on this recovery, secured creditors could receive 66% in the LTM scenario, 68% in the NTM scenario, and 100% in the ENTM scenario. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: secured creditors (ENTM scenario) · interim final: unstated · conditional on: Net Operating Income Method, ENTM scenario; Monitor considers it doubtful · claims qualifier: unstated; basis: liquidation_alternative · quote: Unsecured Creditors are estimated to receive 0%, 0% and 15% under the LTM, NTM, or ENTM scenarios respectively. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Unsecured Creditors (LTM and NTM scenarios) · interim final: unstated · conditional on: Net Operating Income Method, LTM and NTM scenarios · claims qualifier: unstated; basis: liquidation_alternative · quote: Unsecured Creditors are estimated to receive 0%, 0% and 15% under the LTM, NTM, or ENTM scenarios respectively. · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: monitor · class label: Unsecured Creditors (ENTM scenario) · interim final: unstated · conditional on: Net Operating Income Method, ENTM scenario; Monitor considers it doubtful · claims qualifier: unstated; basis: plan · quote: The Senior Secured Class will receive a 100% recovery under the Plan, albeit converted to an equity interest in the Company, at the same price per share afforded to all Eligible Investors as part of the Rights Offering; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Senior Secured Class · interim final: unstated · conditional on: converted to an equity interest in the Company at the Rights Offering price per share · claims qualifier: unstated; basis: plan · quote: the Affected Unsecured Class will receive a recovery under the Plan, in some cases up to 100% of a creditor's claim, whereas in a liquidation it is likely that they will receive nothing. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Affected Unsecured Class · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: the Affected Unsecured Class will receive a recovery under the Plan, in some cases up to 100% of a creditor's claim, whereas in a liquidation it is likely that they will receive nothing. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Affected Unsecured Class · interim final: unstated · claims qualifier: unstated · stated on: 2021-12-14 · table missing:
- report date14 December 2021
- report noFirst Report