Alberta · Proposal
Form 40 - Report of Trustee on Proposal
Court officer report · 21 October 2022
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing2 verified
- financial positionnote: Assets: Cash on hand 15,210.10 and Debts Due - Business 20,000.00; estimated and realizable values both 35,210.10. Liabilities not totalled in the extracted Form 40 table (creditor table truncated/shifted); a later total row shows -35,643,453.7 in the discrepancies column. Creditors' list (Appendix C) totals 17,703,820.43; Trustee's report says approx. $18.0 million owing, incl. approx. $11.9 million to Keyera. No as-at date stated for the asset figures. · basis: Trustee's opinion of assets and their fair realizable value per Form 40; Statement of Affairs (SOA) figures with noted discrepancies · scope: Petrolama Energy Canada Inc. (single entity) · currency: CAD · total assets: 35210.1
- recovery outcomeentries: basis: plan · quote: The range of dividends that may become available for distribution to Affected Creditors is between USD $0 and USD $9.0 million. · pct of: unstated · outcome: distribution · currency: USD · class key: unsecured · stated by: proposal_trustee · amount low: 0 · amount high: 9000000 · class label: Affected Creditors · interim final: unstated · currency quote: USD $0 and USD $9.0 million · claims qualifier: unstated; basis: liquidation_alternative · quote: in a bankruptcy, the Claims of the Affected Creditors will rank below that of the BIA Charges, with no funds expected to be available for Affected Creditors as outlined in the analysis at Appendix ' F '; · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: There will be no recovery by the Interim Lender for amounts advanced under the Interim Lending Facility. · pct of: unstated · outcome: nil · class key: secured · stated by: proposal_trustee · class label: Interim Lender · creditor name: Interim Lender · interim final: unstated · claims qualifier: unstated · stated on: 2022-09-30 · table missing: 39. A full distribution waterfall is outlined in Appendix ' E '.