Proceedings.

Kaisen Energy Corp.

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Active
Proceeding
CCAACCAA
Court
Court of King's Bench of Alberta
File
2101-14684
Filings held52
Last activity16 Mar 2022
On the record1,739 days
Secured debtSubscribers
OverviewSummary updated

Kaisen Energy Corp. remains in CCAA proceedings. A liquidation analysis prepared by the Monitor sets out the company's debts as at December 8, 2021. Secured claims comprise a term loan of $2,128,000 owing to Durum Opportunities LP, which took assignment of ATB Financial's term loan and general security agreement dated August 29, 2013 effective December 7, 2021 and is an affiliate of the Plan Sponsor; $1,139,000 on subordinated secured promissory notes held by majority shareholder Azimuth Capital, ranking behind the current bank indebtedness; and $781,000 of secured property taxes owing to municipal tax creditors in Alberta and Saskatchewan. Unsecured claims include $8,450,000 on 8.00% subordinated convertible debentures, $4,594,000 of trade payables and accrued liabilities, and $114,000 of unsecured property taxes.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the Claims Process - Advertisement dated 21 December 2021.

Proceedings AIAsk this case — answers cite the filings
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Case updates52 dated entries

49 earlier updates, back to 17 December 2021 — subscribers.

Parties

Debtor

Kaisen Energy Corp.

Monitor

EY

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice FagnanCourt of King's Bench of Alberta2 orders, Dec 20214 cases on record

Counsel of record

PartyCounselFirst seenSource
CreditorAzimuth Capital Management IV LtdMiles Davison LLP10 Dec 2021Service list · 10 Dec 2021
CreditorRural Municipality of Manitou LakeRobertson Stromberg LLP10 Dec 2021Service list · 10 Dec 2021
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredDurum Opportunities LP (assignee of ATB Financial term loan) - Current Bank Indebtedness/Current Bank SecurityGeneral security agreement (non-consumer) dated August 29, 2013, assigned by ATB Financial to Durum Opportunities LP (Affiliate of Plan Sponsor) effective December 7, 2021 — Reported as 'Secured term loan' in Exhibit 1.0 liquidation analysis, in thousands (CAD '000s), as at Dec 8, 2021; related party (affiliate of Plan Sponsor) — debtor: Kaisen Energy Corp. · as of 8 Dec 2021$2.13MNotice to Creditors - Meeting Order

5 more claims across lower-ranking classes

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RecoveriesAs stated in the filings

Unsecured creditors: a distribution. Senior Secured Noteholders a distribution · Second Lien Noteholders a distribution.Under the plan · implementedPlan Sanction Order - Part 2 · 1 Feb 2022

ClassCreditorClaimsRecoveryBasisSource
SecuredSenior Secured Claims—a distributionUnder the planimplementedper the courtPlan Sanction Order - Part 2 · 1 Feb 2022
SecuredSenior Secured Noteholders—a distributionUnder the planimplementedper the monitorAppendix - Brief re Plan Sanction Order · 28 Jan 2022
UnsecuredAffected Unsecured Claims (no Share Election)—a distributionconditionalUnder the planimplementedper the courtPlan Sanction Order - Part 2 · 1 Feb 2022
UnsecuredSecond Lien Noteholders—a distributionUnder the planimplementedper the courtAppendix - Brief re Plan Sanction Order · 28 Jan 2022
Equity——no distributionUnder the planimplementedper the courtPlan Sanction Order - Part 2 · 1 Feb 2022

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

10 stated figures across 5 outcomes, each sourced

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Estate financialsReported figures — never derived

Cumulative receipts

$852K

As at 28 Jan 202202. Second Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp

3 more reported figures, as at 28 Jan 2022

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Documents
52 filings
DateDocumentFile
Plan Implementation CertificatePDF · Subscribers
Order re Stay Extension and Approval of Critical Supplier PaymentsPDF · Subscribers
Plan Sanction Order - Part 1PDF · Subscribers
Plan Sanction Order - Part 2
  • Recovery outcome Entries: per plan; per plan; per plan; per plan; per plan; per plan; per plan · Table missing:
PDF · Subscribers
02. Second Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
  • Operational summary Kaisen, a heavy oil producer in Alberta and Saskatchewan, continues normal operations with no material adverse changes identified by the Monitor, and is proceeding toward implementation of its CCAA Plan following unanimous creditor approval.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Appendix - Brief re Plan Sanction Order
  • Recovery outcome Entries: per plan; per plan; per plan; per plan; per liquidation_alternative; per plan; per plan; per unstated · Table missing:
PDF · Subscribers
Brief in support of the Application for a Plan Sanction Order and a Stay Extension Order
  • Applicant KAISEN ENERGY CORP.
  • Commencement date 8 December 2021
  • Court COURT OF QUEEN'S BENCH ALBERTA
  • Court file no 2101-14684
  • + 1 more extracted fact
PDF · Subscribers
Letter to the Service ListPDF · Subscribers
Proposed Form of Sanction OrderPDF · Subscribers
Affidavit of Chris McGinnis re Plan Sanction and Extension OrderPDF · Subscribers
Affidavit of Emailing - Claims Order PackagePDF · Subscribers
Affidavit of Emailing - Eligible Investor PackagePDF · Subscribers
Affidavit of Emailing - Meeting Order Package (RG)PDF · Subscribers
Affidavit of Mailing - Claims Order PackagePDF · Subscribers
Affidavit of Mailing - Eligible Investor PackagePDF · Subscribers
Affidavit of Mailing - Meeting Order Package Part 1PDF · Subscribers
Affidavit of Mailing - Meeting Order Package Part 2PDF · Subscribers
Affidavits of Emailing - Meeting Order Package (JH)PDF · Subscribers
Agenda of the Creditor's Meeting
PDF · Subscribers
First Report of the Monitor
  • Operational summary Kaisen continues to operate its heavy oil business in the ordinary course during the CCAA proceedings, with no material or adverse changes identified, while pursuing a restructuring plan and DIP financing to address liquidity constraints.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Meeting Order and Plan of ArrangementPDF · Subscribers
Notice to Affected Creditors
PDF · Subscribers
Proxy and election form
PDF · Subscribers
Addenda to Plan of Arrangement and CompromisePDF · Subscribers
Amended Plan of ArrangementPDF · Subscribers
Unanimous Shareholder AgreementPDF · Subscribers
Notice to Unknown Creditors - Advertisement
PDF · Subscribers
Plan of Arrangement - Advertisement of MeetingPDF · Subscribers
Claims Process - AdvertisementPDF · Subscribers
Notice to Creditors - Meeting Order
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Amended and Restated CCAA Initial OrderPDF · Subscribers
Claims Procedure Order
  • Presiding officer Justice J. A. Fagnan
PDF · Subscribers
Meeting OrderPDF · Subscribers
Application re Amended and Restated CCAA Initial Order
  • Presiding officer Justice J. Fagnan
  • Recovery outcome Entries: per plan · Table missing:
PDF · Subscribers
Plan of Arrangement
  • Recovery outcome Entries: per plan; per plan; per plan · Table missing:
PDF · Subscribers
Proposed Form of Amended and Restated CCAA Initial Order
  • Applicant Kaisen Energy Corp.
  • Appointee Ernst & Young Inc.
  • Appointee role Monitor
  • Commencement date 17 December 2021
  • + 2 more extracted facts
PDF · Subscribers
Proposed Form of Claims Procedure OrderPDF · Subscribers
Proposed Form of Meeting OrderPDF · Subscribers
Brief of Kaisen Energy Corp. Re Amended and Restated CCAA Order - Part 1PDF · Subscribers
Brief of Kaisen Energy Corp. Re Amended and Restated CCAA Order - Part 2PDF · Subscribers
First Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
  • Operational summary Kaisen continues to operate its heavy oil business in Alberta and Saskatchewan during the CCAA proceedings, with the Monitor noting no material or adverse changes to operations and full cooperation from Company management.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Notice of CCAA - AdvertisementPDF · Subscribers
Amended Affidavit of Chris McGinnis, sworn - 10 December 2021PDF · Subscribers
CCAA Notice to Creditors
PDF · Subscribers
Letter to Service List
  • Counsel Oakdale Robertson Stromberg LLP
PDF · Subscribers
CCAA Initial OrderPDF · Subscribers
Listing of Creditors with estimated amounts owed at time of CCAA filing
PDF · Subscribers
Brief of the Applicant (Initial CCAA Order)PDF · Subscribers
Originating Application re Initial CCAAPDF · Subscribers
Pre-filing Report of Ernst & Young Inc in its Capacity as the Proposed Monitor of Kaisen Energy CorpPDF · Subscribers
Affidavit of Chris McGinnis, swornPDF · Subscribers
Service ListPDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Kaisen Energy Corp.” (CCAA), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/kaisen-energy-corp

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Sources last checked · summary updated 21 August 2026 · Report a correction · Printed from proceedings.ca/case/kaisen-energy-corp

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.