It would be nice to know who our creditors are.

Are they all hostile? or are some friendlier than others? Because if the majority are friendly (after all, we've always paid them until now), I would guess we could possibly get a better deal (CVR % wise), than we could have gotten in the proposed PP.

After all, according to CCAA, we just need the majority of the debtholders to approve the porposed plan, right?

2.5.2 How does the plan get approved by creditors?

Creditors are separated into different classes based on the principle of commonality of interest. Although unsecured creditors will typically be placed in a single class, certain unsecured creditors, such as landlords, may be classified in a separate class. The plan must be passed by a special resolution, supported by a double majority in each class of creditors: 50% plus one of the total number of creditors voting in the class and 66-2/3% of the total value of claims voting in each class. Note that, unlike under Chapter 11 in the U.S., there is no concept of “cram-down” in Canada. Cram-down allows for the passing of a plan of arrangement in certain circumstances, even though the plan has been rejected by a subordinate class of creditors. In Canada, each class of creditors to which the plan is proposed must approve the plan by the requisite majorities.

Cheers,

FK.