Alberta · Receivership (court-appointed)
First Report of the Receiver (November 9, 2020)
Court officer report · 9 November 2020
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A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
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- courtCOURT OF QUEEN’S BENCH OF ALBERTA
- court file no2001 - 01210
- applicantGMT Capital Corp.
- appointeeAlvarez & Marsal Canada Inc.
- appointee rolereceiver and manager
- commencement date28 January 2020
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, and section 13(2) of the Judicature Act
- cash on handnote: Cash balance relates to timing of GNWT funding received in early November and forecast payments toward outstanding invoices; the NWT Receiver anticipates paying the outstanding invoices from this balance during the week of November 9, 2020. · as at: 2020-11-06 · amount: 433748 · currency: CAD
- disbursementsnote: Includes suspension program $1,195,558, contractor payments $98,446, NWT Receiver's fees and expenses $189,601, legal fees and expenses $10,844, GST paid $75,309 and other disbursements $19,842. Cash basis, unaudited. · since: 2020-01-28 (Receivership Date), through 2020-11-06 · amount: 1589615 · currency: CAD
- operational summaryThe NWT Receiver controls the Strategic's Northwest Territories property, completed the 2020 suspension of three Cameron Hills wells, and is managing regulatory obligations (including an OROGO abandonment order covering about 40 wells) while considering an unsolicited non-binding offer for certain wells, facilities and pipelines.
- professional feesnote: Exclusive of GST (total including GST $315,661). Counsel (BLG) fees for the same period were $10,994 exclusive of GST ($11,544 including GST). Of the Receiver's total, $189,601 is reflected in actual disbursements and $111,029 is forecast for July-September 2020. · party: NWT Receiver (Alvarez & Marsal Canada Inc.) · amount: 300629 · period: 2020-01-28 to 2020-09-30 · currency: CAD
- receipts cumulativenote: Entirely government funding advanced by the GNWT; opening cash balance was nil. · since: 2020-01-28 (Receivership Date), through 2020-11-06 · amount: 2023363 · currency: CAD
- report date9 November 2020
- report noFirst Report of the Receiver