Prairie Provident Resources Canada Ltd. and Prairie Provident Resources Inc. have been under CCAA protection in the Court of King's Bench of Alberta since October 27, 2026, on an application brought by their first lien lenders, The Prudential Insurance Company of America and Prudential Legacy Insurance Company of New Jersey, with Alvarez & Marsal Canada Inc. as Monitor. On a consolidated basis at June 30, 2026, the companies reported assets of $117,456,000 against liabilities of $179,118,000, and combined principal under the First Lien Loan and the Second Lien Notes of approximately $79.3 million, with PIK interest continuing to accrue. The companies were in breach of EBITDAX, leverage and minimum production covenants at that date. The applicant creditors are affiliated with the subordinate lender and with PCEP, the 80.1% shareholder of PPR Inc.
Initial order pronounced on the Prudential first lien lenders' application, bringing both companies under CCAA protection with Alvarez & Marsal Canada Inc. as Monitor; a $500,000 administration charge was proposed, to be sought at $750,000 at the comeback hearing.
Source: Initial Order
Filing brief
Prairie Provident: Prudential applies, and every director is deemed resigned
The Alberta court put TSX-listed Prairie Provident into the CCAA on October 27 on its senior lender's application, deemed each director and officer resigned and empowered monitor Alvarez & Marsal to manage and operate the business. The lender's affiliates, the pre-filing report says, hold the second lien, the preferred shares and about 80.1% of the parent's shares.
Debtor
Prairie Provident Resources Canada Ltd. et al
Monitor
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Nixon | Court of King's Bench of Alberta | 1 order, Oct 2026 | 53 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorAlvarez & Marsal | Cassels Brock & Blackwell LLP | 26 Oct 2026 | Service list · 26 Oct 2026 |
| ApplicantPrairie Provident Resources Canada Ltd. et al | Bennett Jones LLP | 26 Oct 2026 | Service list · 26 Oct 2026 |
| ApplicantPrudential Insurance Company of America and Prudential Legacy insurance Company of New Jersey | Dentons Canada LLP | 26 Oct 2026 | Service list · 26 Oct 2026 |
| CreditorBoard of Directors of Prairie Provident Resources Inc | Miller Thomson LLP | 26 Oct 2026 | Service list · 26 Oct 2026 |
| CreditorSecond Lien Holders | Norton Rose Fulbright Canada LLP | 26 Oct 2026 | Service list · 26 Oct 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Prudential Senior (The Prudential Insurance Company of America and Prudential Legacy Insurance Company of New Jersey) – first lien / Senior NPADemand Debenture and Negative Pledge Agreements from each of PPRI and PPRC over all assets; registered in Alberta PPR and against Crown mineral leases and freehold mineral interests. MD&A describes the facility as US$65M senior secured revolving notes secured by a US$200M debenture (facility limit / debenture ceiling, not balances). — Affiant's estimate of aggregate owed, 'assuming interest accrual to 10/27/26 filing date', using FX 0.70 USD/CAD and excluding A&M. The breakdown table at p. 8 is an image and was not legible in the text. For comparison, MD&A/FS principal of the First Lien Loan w · as of 27 Oct 2026 | $71.3M | Affidavit of Paul Procyk - Part 1 |
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
6 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Initial Order
| PDF · Subscribers | |
Originating Application
| PDF · Subscribers | |
Pre-Filing Report of the Proposed Monitor
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Affidavit of Paul Procyk - Part 1
| PDF · Subscribers | |
| Affidavit of Paul Procyk - Part 3 | PDF · Subscribers | |
| Affidavit of Paul Procyk - Part 2 | PDF · Subscribers | |
| Affidavit of Paul Procyk - Part 4 | 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., “Prairie Provident Resources Canada Ltd. et al” (CCAA), Court of King's Bench of Alberta. Retrieved 2 November 2026, https://proceedings.ca/case/ppr-et-al
Sources last checked · summary updated 28 October 2026 · Report a correction · Printed from proceedings.ca/case/ppr-et-al
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.