Kaisen Energy Corp.
- Proceeding
- CCAACCAA
- File
- 2101-14684
- Industry
- Energy · Oil & gas production
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.
A claims procedure has been established — see the order for deadlines.
Per the Claims Process - Advertisement dated 21 December 2021.
The officer filed report no. Second Report. 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.
Source: 02. Second Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
Brief in support of the Application for a Plan Sanction Order and a Stay Extension Order — Application / notice of application
The officer filed report no. First Report. 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.
Source: First Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
The officer filed report no. First Report. 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.
Source: First Report of the Monitor
Brief of Kaisen Energy Corp. Re Amended and Restated CCAA Order - Part 1 — Application / notice of application
Brief of Kaisen Energy Corp. Re Amended and Restated CCAA Order - Part 2 — Stakeholder communication
Debtor
Kaisen Energy Corp.
Monitor
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Fagnan | Court of King's Bench of Alberta | 5 orders, Dec 2021 – Jan 2022 | 8 cases on record |
| Justice Jones | Court of King's Bench of Alberta | 2 orders, Feb 2022 | 93 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorKaisen Energy Corp. | MLT Aikins LLP | 2 Dec 2021 | Service list · 2 Dec 2021 |
| CreditorAzimuth Capital Management IV Ltd | Miles Davison LLP | 10 Dec 2021 | Service list · 10 Dec 2021 |
| CreditorDurum Capital Inc. Jeff Lindskog | Bennett Jones LLP | 28 Jan 2022 | Service list · 28 Jan 2022 |
| CreditorRural Municipality of Manitou Lake | Robertson Stromberg LLP | 10 Dec 2021 | Service list · 10 Dec 2021 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Durum 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 | $2.13M | Notice to Creditors - Meeting Order |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
5 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansUnsecured creditors: a distribution. Senior Secured Noteholders a distribution · Second Lien Noteholders a distribution.Under the plan · implementedPlan Sanction Order - Part 2 · 1 Feb 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Senior Secured Claims | — | a distribution | Under the planimplementedper the court | Plan Sanction Order - Part 2 · 1 Feb 2022 |
| Secured | Senior Secured Noteholders | asserted | Under the planimplementedper the court | Appendix - Brief re Plan Sanction Order · 28 Jan 2022 | |
| Unsecured | Affected Unsecured Claims (no Share Election) | — | conditional | Under the planimplementedper the court | Plan Sanction Order - Part 2 · 1 Feb 2022 |
| Unsecured | Second Lien Noteholders | — | Under the planimplementedper the court | Appendix - Brief re Plan Sanction Order · 28 Jan 2022 | |
| Equity | — | — | no distribution | Under the planimplementedper the court | Plan 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.
4 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansCumulative receipts
$852K
As at 28 Jan 202202. Second Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
| Plan Implementation Certificate | PDF · Subscribers | |
Order re Stay Extension and Approval of Critical Supplier Payments
| PDF · Subscribers | |
Plan Sanction Order - Part 1
| PDF · Subscribers | |
Plan Sanction Order - Part 2
| PDF · Subscribers | |
02. Second Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
| PDF · Subscribers | |
Appendix - Brief re Plan Sanction Order
| PDF · Subscribers | |
Brief in support of the Application for a Plan Sanction Order and a Stay Extension Order
| PDF · Subscribers | |
Letter to the Service List
| PDF · Subscribers | |
| Proposed Form of Sanction Order | PDF · Subscribers | |
| Affidavit of Chris McGinnis re Plan Sanction and Extension Order | PDF · Subscribers | |
| Affidavit of Emailing - Claims Order Package | PDF · Subscribers | |
| Affidavit of Emailing - Eligible Investor Package | PDF · Subscribers | |
| Affidavit of Emailing - Meeting Order Package (RG) | PDF · Subscribers | |
| Affidavit of Mailing - Claims Order Package | PDF · Subscribers | |
| Affidavit of Mailing - Eligible Investor Package | PDF · Subscribers | |
| Affidavit of Mailing - Meeting Order Package Part 1 | PDF · Subscribers | |
| Affidavit of Mailing - Meeting Order Package Part 2 | PDF · Subscribers | |
| Affidavits of Emailing - Meeting Order Package (JH) | PDF · Subscribers | |
Agenda of the Creditor's Meeting
| PDF · Subscribers | |
First Report of the Monitor
| PDF · Subscribers | |
Meeting Order and Plan of Arrangement
| PDF · Subscribers | |
Notice to Affected Creditors
| PDF · Subscribers | |
Proxy and election form
| PDF · Subscribers | |
| Addenda to Plan of Arrangement and Compromise | PDF · Subscribers | |
| Amended Plan of Arrangement | PDF · Subscribers | |
| Unanimous Shareholder Agreement | PDF · Subscribers | |
Notice to Unknown Creditors - Advertisement
| PDF · Subscribers | |
| Plan of Arrangement - Advertisement of Meeting | PDF · Subscribers | |
| Claims Process - Advertisement | PDF · Subscribers | |
Notice to Creditors - Meeting Order
| PDF · Subscribers | |
Amended and Restated CCAA Initial Order
| PDF · Subscribers | |
Claims Procedure Order
| PDF · Subscribers | |
Meeting Order
| PDF · Subscribers | |
Application re Amended and Restated CCAA Initial Order
| PDF · Subscribers | |
Plan of Arrangement
| PDF · Subscribers | |
Proposed Form of Amended and Restated CCAA Initial Order
| PDF · Subscribers | |
| Proposed Form of Claims Procedure Order | PDF · Subscribers | |
| Proposed Form of Meeting Order | PDF · Subscribers | |
| Brief of Kaisen Energy Corp. Re Amended and Restated CCAA Order - Part 1 | PDF · Subscribers | |
| Brief of Kaisen Energy Corp. Re Amended and Restated CCAA Order - Part 2 | PDF · Subscribers | |
First Report of Ernst & Young Inc. in its Capacity as the Monitor of Kaisen Energy Corp
| PDF · Subscribers | |
| Notice of CCAA - Advertisement | PDF · Subscribers | |
| Amended Affidavit of Chris McGinnis, sworn - 10 December 2021 | PDF · Subscribers | |
CCAA Notice to Creditors
| PDF · Subscribers | |
Letter to Service List
| PDF · Subscribers | |
CCAA Initial Order
| PDF · 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 CCAA | PDF · Subscribers | |
| Pre-filing Report of Ernst & Young Inc in its Capacity as the Proposed Monitor of Kaisen Energy Corp | PDF · Subscribers | |
| Affidavit of Chris McGinnis, sworn | PDF · Subscribers | |
Service List
| PDF · 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 4 November 2026, https://proceedings.ca/case/kaisen-energy-corp