Seacliff

Seacliff Energy Ltd., an Ontario company, is subject to insolvency proceedings in which FTI Consulting Canada Inc. is acting as receiver, appointed by Caterpillar Financial Services Ltd. under a security agreement dated October 13, 2010, with reference to subsections 245(1) and 246(1) of the Bankruptcy and Insolvency Act. On the company's general ledger as at October 31, 2014, book values were cash of $74,134, accounts receivable of $239,517, capital assets of $9,267,565, intangible assets of $102,000 and other assets of $462,839, figures the Receiver has not audited, reviewed or verified. Caterpillar is owed $4,564,634.47 and Frey Brothers Limited $184,034.38 under a General Security Agreement dated May 15, 2011. Unsecured claims include $3,055,469.28 to Agriculture and Agri-Food Canada and $200,000.80 to Paloma on two 2011 promissory notes, alongside related-party amounts owed to Gemini-Seacliff Power Corporation and 2122809 Ontario Limited. On anticipated realizable value, no monies will be available to creditors whose claims are not assumed under the asset purchase agreement.