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Desmarais Energy Corporation
Status Update
At the meeting of the creditors (the “Creditors’ Meeting”) of Desmarais Energy Corporation (“Desmarais” or the “Company”) held on December 8, 2011, the general body of creditors voted to approve the Company’s proposal to creditors (the “Proposal”) filed with the Office of the Superintendent of Bankruptcy on November 18, 2011. On December 9, 2011, the Court of Queen’s Bench of Alberta (the “Court”) granted an order approving the Proposal.
Meeting of Creditors to Consider Proposal
The Creditors’ Meeting of Desmarais was held on Thursday, December 8, 2011 at 10:00 a.m. MST at the offices of Burnet, Duckworth & Palmer LLP (2400, 525 – 8th Avenue SW, Calgary, Alberta) to consider the Proposal. To be eligible to vote on the Proposal and participate in distributions from the Proposal, Creditors must have lodged a properly completed Proof of Claim form with the Trustee in advance of the Creditors’ Meeting. Creditors were to cast their vote with respect to the Proposal by completing a Proof of Claim form and:
- Attending the Creditors’ Meeting; or
- By submitting a Proof of Claim form and Voting Letter to the Trustee by mail or by facsimile to 403-640-0591 before the Creditors’ Meeting.
The necessary instructions and materials with respect to the Creditors’ Meeting are as follows:
- Trustee’s letter to creditors – November 18, 2011;
- Notice to Creditors – November 18, 2011;
- Proposal;
- Report of Trustee on Proposal;
- Statement of Affairs;
- Proof of Claim and General Proxy; and
- Voting Letter.
The Proposal is binding upon all creditors except for “Unaffected Creditors” as defined in the Proposal whether or not a creditor proves a claim against Desmarais under the Proposal.
Notice of Intention to Make a Proposal
On September 26, 2011, Desmarais filed a Notice of Intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (the “Act”). Hardie & Kelly Inc. was appointed as trustee under the proposal (the “Trustee”).
S. 69(1) of the Act provides the Company with certain relief including the imposition of an initial Stay of Proceedings (the “Stay”) against the Company and its assets. On October 26, 2011, the Court of Queen’s Bench of Alberta granted an extension of the Stay and the time in which the Company had to file a proposal through to December 9, 2011.
Contact for the Trustee – Marc Kelly – 403-536-8510 or mkelly@insolvency.net
Commencing Documents
- Notice of Intention to Make a Proposal – September 26, 2011
- Certificate of Filing of a Notice of Intention to Make a Proposal – September 26, 2011
Court Filings
- Application – Extension of Stay, DIP Charge and Administration Charge – October 21, 2011
- Affidavit of James Long – October 20, 2011
Court Orders
- Order re: Extension of Stay, DIP Charge and Administration Charge – October 26, 2011
- Order Approving Proposal – December 9, 2011