ABC District CCAA Proceedings Update 2020-09-14

Deloitte Restructuring just posted two links to it’s restructuring web page:

314. Order, dated August 24, 2020

315. Service List, dated August 31, 2020

The ‘service list’ is basically a list of people legal notice was sent to.

The interesting part is the “Order’, which is short and too the point:

  1. Pay all the companies their professional services fees
  2. The Monitor is authorized to distribute the ASC Settlement Funds to the District for distribution to the District Depositors as per the Final District Distribution of the District Plan.

Of particular interest is the phrase “Final District Distribution.” The District Plan anticipated making intermediate payments whenever the Monitor had accumulated a certain amount of funds ($3M if I recall) in order to balance benefit to the depositors with the cost of making the distribution.

What happens when the CCAA is coming to a close and the Monitor doesn’t have $3M to send? They lump it into a “final distribution” and disburse that, which makes it basically one of the last steps before closing the file.

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