Alberta · Receivership (court-appointed)
Notice of Application, returnable March 10, 2015 at 3:00 p.m
Application / notice of application · 10 March 2015
What we verified from this filing1 verified
- secured creditorsnote: Related party: Pacer is a 50% shareholder of PPEC. Pacer honoured its Guarantee and Subordination Agreement (dated May 23, 2014) by paying PPEC's debt to National Bank of Canada in full on March 5, 2015, was subrogated to National Bank's rights, and took an assignment of National Bank's security (the 'Assignment') same day. Amount stated ($26,229,431.71 'plus applicable interest') is the Indebtedness now owed to Pacer. National Bank had earlier demanded $26,043,421.37 in principal and interest from PPEC as of February 18, 2015 (per s.244 BIA demand notice); that amount was fully paid and the debt/security transferred to Pacer, so National Bank of Canada is no longer a creditor as of the application. · as of: 2015-03-05 · amount: 26229431.71 · debtor: Pacer Promec Energy Corporation (PPEC) · creditor: Pacer Construction Holdings Corporation · currency: CAD · security: General Security Agreement dated May 23, 2014 (registered AB PPR #14052332978; Land Charge #14052332997); Hypothec on the Universality of Movable Property dated May 23, 2014 (registered QC RPMRR #14-0469469-0001); Set-Off and Security Agreement re Deposits dated April 9, 2014 (registered QC RPMRR #14-0311999-0007 and AB PPR #14041710023) — all originally granted by PPEC to National Bank of Canada and assigned to Pacer on March 5, 2015