Cabot Energy Inc. (Proposal)

Cabot Energy Inc. filed a notice of intention to make a proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act on July 2, 2020 in Alberta, court file 25-2655526, with Grant Thornton Limited as Licensed Insolvency Trustee. The Proposal Trustee reports liabilities of approximately $47.7 million as at the filing date on unaudited internal information: $41.5 million owed to related parties, including $40.5 million to Cabot Energy Limited, and $6.16 million in trade accounts payable, with a deemed Alberta Energy Regulator liability of approximately $15 million outside that total. Secured registrations include a debenture granted to High Power Petroleum LLC on May 14, 2020 in the face amount of $30 million, and approximately $2.57 million in builders' liens against the Completed Wells. H2P is the proposed interim lender, up to $750,000 on a super-priority basis, with approximately $25,000 advanced.