Sustainable Marine Energy (Canada) Limited

Sustainable Marine Energy (Canada) Limited made an assignment in bankruptcy on May 12, 2023 under section 49 of the Bankruptcy and Insolvency Act, with Deloitte Restructuring Inc. as Licensed Insolvency Trustee, in the Supreme Court of Nova Scotia in Bankruptcy and Insolvency, court file 45472. At the date of bankruptcy the company's books and records, unaudited and unverified, showed total assets of $29,245,682 against total liabilities of $31,925,303. Four secured creditors were owed $12.4 million in aggregate: BMO, holding short term investment certificates; Neptune Shipyard BV, holding a first position marine mortgage over the MV Tidal Pioneer; Vault Credit Corporation, secured on a forklift; and reconcept 13 Meeresenergie Bay of Fundy Limited Partnership, holding a second position mortgage over the vessel and a general security agreement. RE13, a project counterparty and related party, is funding the Trustee's fees under an administrative agreement and is in discussions for a dual appointment as Receiver. The company identified 37 unsecured creditors owed approximately $7.5 million; six proofs of claim had been received.