Quebec · CCAA
Report of the Monitor on the State of the Petitoner’s Financial Affairs and Plan of Compromise and Reorganization – dated September 22, 2008
Court officer report · 22 September 2008
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: liquidation_alternative · quote: The only realistic alternative to the Plan is bankruptcy, which would result in no recovery to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Affected Creditors who are owed $2,000 or less will receive payment in full of their claims (up to a maximum of $2,000); · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: Affected Creditors who are owed $2,000 or less · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Affected Creditors having claims in excess of $2,000 can elect to reduce their claims to $2,000 and receive payment of $2,000 in full and final settlement of all of their Affected Claims, provided they complete and return the Election to Reduce Claim (with the Proxy form) by the deadline of October 15, 2008; · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 2000 · amount high: 2000 · class label: Affected Creditors having claims in excess of $2,000 who elect to reduce their claim · interim final: unstated · conditional on: Election to Reduce Claim to $2,000 in full and final settlement · claims qualifier: unstated; basis: estimated · quote: In the event that no Affected Creditors having claims in excess of $2,000 elect to reduce their claim to $2,000, the Monitor anticipates that the balance remaining in the Affected Creditor Fund after payment in full of all amounts to be paid in priority thereof as set out in the Plan (including payment to all Affected Creditors having Affected Claims of $2,000 or less) shall be approximately $425,000, representing a dividend of approximately 0.48% to each Affected Creditor having Affected Claims in excess of $2,000. · pct of: unstated · outcome: distribution · pct low: 0.48 · pct high: 0.48 · class key: unsecured · stated by: monitor · amount low: 425000 · amount high: 425000 · class label: Affected Creditors having Affected Claims in excess of $2,000 (no elections to reduce) · interim final: unstated · conditional on: no Affected Creditors having claims in excess of $2,000 elect to reduce their claim to $2,000 · claims qualifier: unstated; basis: estimated · quote: if all Affected Creditors having claims of $10,000 or less elect to reduce their claim to $2,000, those making the election would receive the amount of their claims, up to $2,000 and the remaining Affected Creditor Fund would be approximately $271,000 representing a dividend of 0.30% to the Affected Creditors having claims greater than $10,000. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 271000 · amount high: 271000 · class label: Affected Creditors having claims greater than $10,000 (if creditors with claims of $10,000 or less elect to reduce) · interim final: unstated · conditional on: if all Affected Creditors having claims of $10,000 or less elect to reduce their claim to $2,000 · claims qualifier: unstated; basis: plan · quote: The Plan further provides that holders of Existing SRX Equity shall not be entitled to any payment or other compensation with respect to such Existing SRX Equity and any and all Claims that any Person may have that are directly or indirectly related to or are derived from such Existing SRX Equity shall be deemed to be released in full without any compensation . · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: holders of Existing SRX Equity · interim final: unstated · claims qualifier: unstated · stated on: 2008-09-22 · table missing: