Ontario · CCAA
Supplementary Report
Court officer report · 8 December 2020
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: Providing for a distribution of up to 5% of the proven Claims of holders of all other Affected Claims, primarily comprised of amounts owing to: · pct of: proven_claims · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · class label: holders of all other Affected Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All other holders of Affected Claims (which may include Pre-Sale Purchasers in respect of Claims for non-Deposit amounts, such as upgrades and credits on closing) would receive a distribution of up to 5% (the ' Distribution Rate ') of their Voting Claims, subject to an overall cap on aggregate Voting Claims for Affected Claims totaling $6,250,000. · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · amount high: 312500 · class label: Affected Creditors in the General Unsecured Creditor Class · claims amount: 6250000 · interim final: unstated · conditional on: Distribution Rate reduced proportionately if aggregate Voting Claims exceed $6,250,000 · claims qualifier: unstated; basis: plan · quote: The Plan provides a clear outcome for other Affected Creditors, in the form of a dividend of up to 5% on their claims in the General Unsecured Creditor Class; and · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: monitor · class label: Other Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: the RSA Addendum provides that additional consideration will be provided to Pre-Sale Purchasers who sign the Purchaser RSA such that they will receive a distribution equal to 100% of such extras and upgrades Claims if the Plan is approved. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Pre-Sale Purchasers who sign the Purchaser RSA (extras and upgrades Claims) · interim final: unstated · conditional on: Pre-Sale Purchasers must sign the Purchaser RSA and the Plan must be approved · claims qualifier: unstated; basis: plan · quote: Brokers who agree to execute the Broker RSA are entitled to receive a top-up payment on their pre-filing claims under the Plan, such that the total amount received after the top-up payment would result in a 55% recovery on their claim within 60 days of final closing of 90% of the saleable square footage of residential area, rather than the maximum 5% Distribution Rate under the Plan. · pct of: unstated · outcome: distribution · pct low: 55 · pct high: 55 · class key: unsecured · stated by: monitor · class label: Brokers who execute the Broker RSA · interim final: unstated · conditional on: Broker executes the Broker RSA; recovery within 60 days of final closing of 90% of the saleable square footage of residential area · claims qualifier: unstated; basis: plan · quote: Unaffected Creditors, including Trades and Secured Creditors, whose valid claims are not compromised under the Plan are entitled to full recovery of their claims from the relevant restructured Clover CCAA Applicants. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: Unaffected Creditors, including Trades and Secured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2020-12-08 · table missing: