COMPANIES’ CREDITORS ARRANGEMENT ACT PROCEEDING
Elcano Exploration Inc. (“EEI”) and Elcano Exploration Ltd. (“EEL”) made an application to the Court of Queen’s Bench of Alberta (the “Court”) seeking protection under the Companies’ Creditors Arrangement Act (“CCAA”). On February 26, 2019 a CCAA Initial Order and SISP Approval order (the “CCAA Order”) was granted by the Honourable Madam Justice K.M. Horner of the Court. The Court appointed Hardie & Kelly Inc. as Monitor of the CCAA proceedings (the “Monitor” or “H&K”). A copy of the CCAA Order can be accessed below.
The CCAA Order provides certain relief including the imposition of an initial Stay of Proceedings (the “Stay”) against EEI, EEL and also Elcano Energy Partnership (collectively referred to as the “Elcano Group”) and their respective assets through to March 28, 2019 and provides the Elcano Group with an opportunity to prepare and file a plan of arrangement or compromise under the CCAA for the consideration of its creditors.
Claims against the Elcano Group for payment for goods and services supplied to the Elcano Group prior to February 26, 2019 are suspended and creditors are prohibited from continuing or taking any actions or exercising any rights against the Elcano Group except with leave of the Court. Under the CCAA Order, the Elcano Group is to continue to carry on business in a manner consistent with the commercially reasonable preservation of its business and assets while it engages in a Court supervised Sale and Investment Solicitation Process (the “SISP”). Additional details in respect of the SISP will be available in the near future.
Should you have any questions or concerns, please contact Marc Kelly, of H&K, at 403-536-8510.
Sale and Investment Solicitation Process
Pursuant to the CCAA Order, Elcano has engaged GMP FirstEnergy (“GMP”) as its sales advisor to administer the Court directed SISP. Copies of the GMP introductory teaser letter, the procedural details of the SISP and the relevant timelines associated with the SISP can be found below.
Interested parties wishing to obtain additional information and participate in the SISP must contact GMP at:
- Scott Robertson – 403-262-0606 or firstname.lastname@example.org
- Omid Eslami – 403-262-0613 or email@example.com
- Originating Application – filed February 20, 2019
- Affidavit of Scott Pincock – sworn and filed February 20, 2019
- Exhibits 1 to 8 of the February 20, 2019 Affidavit of Scott Pincock
- Exhibits 9 to 19 of the February 20, 2019 Affidavit of Scott Pincock
- Application re: Stay Extension and Claims Procedure – filed March 18, 2019
- Affidavit of Richard Fulton – sworn and filed March 18, 2019
Monitor’s Reports and Correspondence
- Pre-Filing Report – February 20, 2019
- Initial Letter to Creditors – March 1, 2019
- Listing of Creditors as at Feb. 26, 2019
- First Report of Monitor – March 18, 2019