Sea Breeze Power Corp. and Sea Breeze Energy Inc.
- Proceeding
- ProposalPart III, Division I of the Bankruptcy and Insolvency Act (Canada)
- File
- B-170055
- Industry
- Energy · Power & utilities
Sea Breeze Power Corp. and Sea Breeze Energy Inc. are in a Division I proposal in the Supreme Court of British Columbia, file B-170055, with Alvarez & Marsal Canada Inc. as proposal trustee and as the applicant under section 59(2) of the Bankruptcy and Insolvency Act on an application filed December 30, 2016. Sea Breeze Energy Inc.'s statement of affairs as at December 29, 2016 shows assets of $4,576.69 against liabilities of $14,323,030.17 and a deficiency of $14,318,453.48, with preferred and contingent claims both nil. The secured claims are all related-party trusts and entities holding security over vehicles and cash on hand given 21-Jun-2016, led by the Henry P. Anderson III, 2009 Revocable Living Trust at $4,442,313.80 and the Kenneth L. Puryear 2008 Revocable Living Trust at $4,419,755.79.
A claims procedure has been established — see the order for deadlines.
The officer filed report no. Second Report. The Companies abandoned the original liquidating-trustee proposal after tax analysis showed value would only be preserved if the Secured Creditor Sponsors retained control of Power, leading to an Amended Proposal under which TuCan acquires Power's shares while a subsidiary sale and tax refunds fund creditor distributions. Court file B-170055.
The officer filed a report. Development-stage hydro-electric and wind power developer with no operating revenue, unable to raise further capital. It filed a joint BIA proposal to restructure Power and orderly liquidate its assets, with the Secured Creditor Sponsors buying the Transaction Assets under a PSA and funding the proceedings.
Source: Trustee's Report on the Proposal
Undated filings4 — no date appears on the document · show
Debtor
Sea Breeze Power Corp. and Sea Breeze Energy Inc.
Proposal trustee
Alvarez & Marsal
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Henry P. Anderson III, 2009 Revocable Living TrustVehicles; Cash on Hand (given 21-Jun-2016); amount of claim $4,444,018.91 — Related party (trust); estimated value of security $1,705.11; balance of claim reported as $4,442,313.80 — debtor: Sea Breeze Energy Inc. · as of 29 Dec 2016 | $4.44M | Sea Breeze Energy Inc. Statement of Affairs |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
37 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: paid in full. Her Majesty the Queen paid in full · The Consultant paid in full.Trustee's Report on the Proposal · 6 Jan 2017
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trustPayments to Her Majesty | Her Majesty the Queen | — | paid in full | Under the plansanctionedper the court | Approval of Proposal · 28 Apr 2017 |
| Preferred | — | — | paid in full | Under the plansanctionedper the court | Approval of Proposal · 28 Apr 2017 |
| Unsecured | Consultant's Claim | paid in full | per the trustee | Trustee's Report on the Proposal · 6 Jan 2017 | |
| class not placedConsultant's Claim | The Consultant | — | paid in full | Under the plansanctionedper the court | Approval of Proposal · 28 Apr 2017 |
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.
2 blurred figures 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 plansAs at ·
Cash on hand
$243K
As at 30 Dec 2016Trustee's Report on the Proposal
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 |
|---|---|---|
Approval of Proposal
| PDF · Subscribers | |
| Affidavit #2 of Resja Campfens | PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
| Affidavit #1 of Resja Campfens | PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
| Notice of Hearing of Application for Court Approval | PDF · Subscribers | |
Notice of Proposal to Creditors
| PDF · Subscribers | |
Trustee's Report on the Proposal
| PDF · Subscribers | |
| Creditor Lists - Sea Breeze Energy Inc. | PDF · Subscribers | |
| Creditor Lists - Sea Breeze Power Corp. | PDF · Subscribers | |
Sea Breeze Energy Inc. Statement of Affairs
| PDF · Subscribers | |
| Sea Breeze Power Corp. Statement of Affairs | PDF · Subscribers | |
| Statement of Affairs - Sea Breeze Energy Inc. | PDF · Subscribers | |
| Statement of Affairs - Sea Breeze Power Corp. | PDF · Subscribers | |
| Proof of Claim | PDF · Subscribers | |
| Proxy | PDF · Subscribers | |
| Trustee’s Report to Court | PDF · Subscribers | |
| Voting Letter | 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., “Sea Breeze Power Corp. and Sea Breeze Energy Inc.” (Proposal), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/sea-breeze-power-corp-and-sea-breeze-energy-inc