Alberta · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 1 October 2019
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 filing5 verified
- secured creditorsnote: Estimated amount owing to secured creditors per Trident's draft financial statements; the Receiver has not independently verified it. Individual creditor balances are not stated. · page: 4 · as of: 2019-03-31 · amount: 71106000 · debtor: Trident group (Trident Exploration et al.) · creditor: Secured creditors (aggregate; incl. ATB Financial, Alberta Investment Management Corporation (AIMCo), Origami Capital Partners LLC) · currency: CAD
- unsecured creditorsnote: Document names no individual trade creditors. Separately, the Receiver states Trident's abandonment and reclamation obligations (ARO) rank ahead of creditor recoveries following Redwater: ARO reported by Trident at approx. $329 million (April 30, 2019 press release); Receiver's own XI Model estimate approx. $407 million, of which approx. $308 million would remain after the Ember sale. These are regulatory obligations, not creditor claims. · page: 4 · as of: 2019-03-31 · basis: Estimated amount owing per Trident's draft financial statements; not independently verified by the Receiver · amount: 18920921 · debtor: Trident group (Trident Exploration et al.) · creditor: Unsecured trade creditors (aggregate) · currency: CAD
- purchaserEmber Resources Inc.
- recovery outcomeentries: basis: estimated · quote: Behind these obligations, we do not anticipate any recovery for shareholders and unsecured creditors. · pct of: unstated · outcome: nil · class key: equity · stated by: debtor · class label: shareholders and unsecured creditors · interim final: unstated · conditional on: behind approximately $329 million of estimated abandonment and reclamation obligations · claims qualifier: unstated · stated on: 2019-09-30 · table missing:
- sale outcometext: Receiver seeks Court approval of the sale of the properties included in the Ember Offer to Ember; no SISP was run, the Receiver concluding a SISP was unlikely to produce a better offer, and Ember needs to close by November 1, 2019. · scope: parcel · status: pending_approval