Notice of Intention to Make a Proposal
On July 31, 2017, Kingsland Energy Corp. (the “Company” or “Kingsland”) filed a Notice of Intention to Make a Proposal. Hardie & Kelly Inc. has been appointed as Trustee under the proposal (the “Proposal Trustee”).
S. 69(1) of the Bankruptcy & Insolvency Act (the “Act”) provides the Company certain relief including the imposition of a Stay of Proceedings (the “Stay”) against the Company and its assets. Claims against the Company for payment of goods and services supplied to Kingsland prior to July 31, 2017 are suspended and creditors are prohibited from continuing or commencing any actions or exercising any rights against the Company except with leave of the Court of Queen’s Bench of Alberta (the “Court”).
Should you have any questions or concerns please contact Mr. Brendan Bernakevitch, the Company’s legal counsel, at 306-565-5108 or Marc Kelly, of Hardie & Kelly Inc. at 403-536-8510.
Proposal – Status Update as at October 24, 2017
On August 30, 2017, Kingsland filed a proposal (the “Proposal”) with the Office of the Superintendent of Bankruptcy pursuant to the Act. A copy of the Proposal, a condensed statement of the Company’s assets and liabilities, a Report of the Proposal Trustee, a Proof of Claim form, Proxy and Voting Letter are included as part of the Creditor Package found below.
A general meeting of the affected creditors (the “Creditors’ Meeting”) of Kingsland was held on September 21, 2017 at which time the Proposal was approved by the required statutory majority of creditors.
On October 24, 2017, the Court granted an Order approving of the Proposal.
Distributions as provided for by the terms of the Proposal will be issued in due course.
For further information please contact Marc Kelly at 403-536-8510 or at firstname.lastname@example.org