#Order
Certificate of Appointment was filed. Court file 25-3313777.
Source: Certificate of Appointment
Royal Helium Limited (TSXV:RHL) et al.
FollowActive
- Proceeding
- CCAAsection 49 of the Bankruptcy and Insolvency Act
- File
- 2501-02606
- Industry
- Energy · Oil & gas production
OverviewSummary updated
Royal Helium Ltd., Imperial Helium Corp. and Royal Helium Exploration Limited are the applicants in proceedings under section 11.6(a) of the Companies' Creditors Arrangement Act, commenced February 19, 2025 in the Court of King's Bench of Alberta under court file 2501-02606. Charges dating from the initial order rank an amended administration charge of up to $300,000 first over the applicants' assets, in favour of the monitor, monitor's counsel BD&P and companies' counsel Reconstruct LLP, and a DIP lenders' charge of up to $1,500,000 second. That charge secures a new DIP facility of up to $2.5 million from Canadian Western Bank and the Business Development Bank of Canada under a February 19, 2025 term sheet, refinancing a former facility from Energy & Specialty Gases, LLC that was repaid by a $644,000 NOI DIP repayment.
Proceedings AIOpen Proceedings AI
Case updates37 dated entries · 1 undated
#Report
The officer filed report no. Seventh Report. The Companies' operations remain halted with no production for the past year, and the Monitor, exercising its enhanced management powers, continues working toward closing the Amalgamation/Transactions with Keranic while seeking a further stay extension to December 19, 2025.
Source: Seventh Report of the Monitor
#Sale
The court granted a reverse vesting order in favour of Keranic Industrial Gas Inc. and the existing shareholders of Keranic.
#Report
The officer filed report no. Sixth Report. The Companies' operations have been halted for the past 12 months with no production; the CEO and CFO resigned but remain as directors/contractors, and the business is being wound down via an Amalgamation Agreement with Keranic pending court approval and eventual CCAA termination.
Source: Sixth Report of the Monitor
#Report
The officer filed report no. Fifth Report. The Companies' operations have been halted for the past 12 months with no production; former CEO and CFO resigned but continue as contractors/directors, and contractors maintain the Steveville Facility while the Monitor pursues a sale under enhanced powers.
Source: Fifth Report of the Monitor
#Report
The officer filed report no. Fourth Report. The Companies' operations at the Steveville Facility have been halted with no production occurring; the CEO and CFO have resigned and now act as consultants, while the Monitor (with enhanced powers) manages operations and negotiates a sale transaction with a successful bidder.
Source: Fourth Report of the Monitor
#Report
The officer filed report no. Third Report. The Companies' operations have been halted with no production ongoing; only the CEO and CFO remain as employees, with contractors retained to preserve the Steveville Facility, and the Monitor is advancing a sale transaction with a Successful Bidder while seeking enhanced powers to complete the CCAA proceedings.
Source: Third Report of the Monitor
#Report
The officer filed report no. Second Report of the Monitor. The Companies' operations have been halted with no production occurring; only the CEO and CFO remain as employees, supplemented by contractors preserving the Steveville Facility, while the Monitor conducts a SISP.
Source: Second Report of the Monitor
#Order
The court approved a sale and investment solicitation process. A bid deadline of 2025-03-28.
Source: SISP Approval Order.pdf
#Order
The initial order pronounced February 19, 2025 opened the applicants' CCAA proceedings and created the $300,000 administration charge and the $1,500,000 DIP lenders' charge.
Source: CCAA Initial Order
Undated filings1 — no date appears on the document · show
—
Parties
Debtor
Royal Helium Limited (TSXV:RHL) et al.
Monitor
Alvarez & Marsal
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Mah | Court of King's Bench of Alberta | 3 orders, Feb 2025 – Nov 2025 | 78 cases on record |
| Justice Johnston | Court of King's Bench of Alberta | 3 orders, Oct 2025 | 55 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorAlvarez & Marsal | Burnet Duckworth & Palmer LLP | 25 Aug 2025 | Service list · 25 Aug 2025 |
| DebtorRoyal Helium Limited (TSXV:RHL) et al. | Reconstruct LLP | 25 Aug 2025 | Service list · 25 Aug 2025 |
| Interim lender | Loopstra Nixon LLP | 25 Aug 2025 | Service list · 25 Aug 2025 |
| CreditorBusiness Development Bank of Canada | Cassels Brock & Blackwell LLP | 25 Aug 2025 | Service list · 25 Aug 2025 |
| CreditorCanadian Western Bank | McCarthy Tétrault LLP | 25 Aug 2025 | Service list · 25 Aug 2025 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | DIP Lenders (Canadian Western Bank and Business Development Bank of Canada) · in 3 casesas of Initial Order date (February 19, 2025) — DIP Lenders' Charge - maximum principal amount of $1,500,000, ranking second in priority over Applicants' assets and property — Secures New DIP Facility (maximum $2.5 million) under DIP Term Sheet dated February 19, 2025, refinancing the Original/Former DIP Facility provided by Energy & Specialty Gases, LLC — debtor: Royal Helium Ltd., Imperial Helium Corp., Royal Helium Exploration Limited | $1.5M | First Report of the Monitor |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
2 transactions · 1 closed · 1 not completed — Monitor certified that closing conditions under the Amalgamation Agreement were satisfied or waived and the transactions under the RVO were completed.Monitor's Certificate · 28 Nov 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Keranic Industrial Gas Inc. and the existing shareholders of Keranicthe Companies' Retained Assets via reorganization and amalgamation under the Amalgamation Agreement, with Excluded Assets and Excluded Liabilities vested in ResidualCo · assets and shares · ResidualCo: 102218166 Saskatchewan Ltd. · agreement 23 Sep 2025 | Subscribers | Closed28 Nov 2025 | Monitor's Certificate |
| the Successful Bidderthe Amalgamation Agreement | not stated | Not completed30 Aug 2025outside 7 Apr 2025 | Seventh Report of the Monitor |
AdvisorsAlvarez & Marsal Canada Inc. (sale agent)First Report of the Monitor
Closing termsTransactions deemed to occur upon delivery of the Monitor's Certificate to the Purchaser (the Effective Time), in the sequence set out in the Amalgamation AgreementTransaction Approval and RVO Order
Sealed materialsThe Amalgamation Agreement is appended as a confidential supplemental appendix to the Sixth Report of the MonitorTransaction Approval and RVO Order
RecoveriesAs stated in the filings
DIP Lenders: a distribution.EstimatedSixth Report of the Monitor · 24 Sep 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | DIP Lenders | — | conditional | Estimatedper the monitor | Sixth Report of the Monitor · 24 Sep 2025 |
| Secured | Secured Lenders | — | shortfallfinal | per the monitor | Sixth Report of the Monitor · 24 Sep 2025 |
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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansEstate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing
As at ·
Cumulative receipts
$3.37M
As at 25 Nov 2025Seventh Report of the Monitor
Cash on hand
As at
Professional fees
As at
2 more reported figures, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
37 filings
| Date | Document | File |
|---|---|---|
Certificate of Appointment
| PDF · Subscribers | |
| Application for Stay Extension | PDF · Subscribers | |
Stay Extension Order
| PDF · Subscribers | |
Seventh Report of the Monitor
| PDF · Subscribers | |
| Application | PDF · Subscribers | |
Approval Order (Approval of Fees and Activities, Restricted Court Access & Related Relief)
| PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
Brief of Law
| PDF · Subscribers | |
Distribution and Conditional Discharge Order
| PDF · Subscribers | |
Transaction Approval and RVO Order
| PDF · Subscribers | |
| Affidavit of Kylie Thibault | PDF · Subscribers | |
Sixth Report of the Monitor
| PDF · Subscribers | |
| Application With Form of Order | PDF · Subscribers | |
Fifth Report of the Monitor
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Fourth Report of the Monitor
| PDF · Subscribers | |
| Book of Authorities for Brief | PDF · Subscribers | |
Enhanced Monitor's Powers, Stay Extension, and Other Approvals Order
| PDF · Subscribers | |
Third Report of the Monitor
| PDF · Subscribers | |
| Bench Brief of the Applicants | PDF · Subscribers | |
| Notice of Application | PDF · Subscribers | |
Second Report of the Monitor
| PDF · Subscribers | |
| Fourth Affidavit of David Young | PDF · Subscribers | |
First Report of the Monitor
| PDF · Subscribers | |
| Affidavit of Asim Iqbal | PDF · Subscribers | |
Amended Book of Authorities
| PDF · Subscribers | |
| Amended Notice of Application (Alberta) (CCAA) | PDF · Subscribers | |
CCAA Initial Order
| PDF · Subscribers | |
Creditor Package – ResidualCo
| PDF · Subscribers | |
Monitor's Certificate
| PDF · Subscribers | |
SISP Approval Order.pdf
| PDF · Subscribers | |
| Supplementary Bench Brief | PDF · Subscribers | |
| Monitor’s Pre-Filing Report | PDF · Subscribers | |
| Bench Brief | PDF · Subscribers | |
| Affidavit of David Young | PDF · Subscribers | |
| Third Affidavit of David Young | PDF · Subscribers | |
| Supplementary Affidavit of David Young | 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., “Royal Helium Limited (TSXV:RHL) et al.” (CCAA), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/royal-helium-limited-tsxv-rhl-et-al