Alberta · Receivership (court-appointed)
Seventh Report of the Receiver, filed
Court officer report · 5 February 2018
What we verified from this filing5 verified
- closing confirmedscope: the Cutbank division · outcome: completed · effective: 2017-11-01 · purchaser: Timber Pro Logging Ltd. · date basis: stated · approval order date: 2017-10-26; scope: the RBee division · outcome: completed · effective: 2017-11-09 · purchaser: RBee Aggregate Consulting Ltd. · date basis: stated · approval order date: 2017-11-02; scope: certain gravel crushing assets · outcome: completed · effective: 2017-12-01 · purchaser: Kosick Aggregates Inc. · date basis: stated · approval order date: 2017-11-22; scope: the Iron Property · outcome: completed · effective: 2017-12-19 · purchaser: Ritchie Bros. Auctioneers (Canada) Ltd. · date basis: stated · approval order date: 2017-12-12; scope: the Nu-Northern division · outcome: completed · effective: 2018-01-26 · purchaser: Wolverine Management Services Inc. · date basis: stated · approval order date: 2017-12-12
- purchaserTimber Pro Logging Ltd.; RBee Aggregate Consulting Ltd.; Kosick Aggregates Inc.; Canadian Natural Resources Ltd.; Ritchie Bros. Auctioneers (Canada) Ltd.; Wolverine Management Services Inc.
- recovery outcomeentries: basis: actual · quote: $29.0 million as a full and final distribution to the Syndicate pursuant to an Order of this Honourable Court granted December 12, 2017, which included full repayment of the Receivers' Certificates of $2.0 million plus accrued interest, all outstanding secured debt, including all interest, fees, and other chargeable costs; · pct of: unstated · outcome: paid_in_full · currency: CAD · class key: secured · stated by: receiver · cumulative: false · class label: Syndicate · creditor name: Syndicate (Bank of Montreal, as agent) · interim final: final · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: estimated · quote: As at February 16, 2018, Crown Capital is owed $10,009,466. Based on anticipated receipts and remaining expenses in the receivership, the Receiver anticipates a full repayment of the Crown Capital secured debt. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 10009466 · amount high: 10009466 · class label: Crown Capital · creditor name: Crown Capital Fund IV, LP · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: unstated · quote: Upon approval of this Honourable Court, the Receiver will make a partial payment of the Crown Distribution of $1.5 million, with the remainder to follow as available. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 1500000 · cumulative: false · amount high: 1500000 · class label: Crown Capital · creditor name: Crown Capital Fund IV, LP · interim final: interim · conditional on: Upon approval of this Honourable Court, remainder to follow as available · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: estimated · quote: Upon final payment of the Crown Distribution, it is anticipated that there will be recoveries to unsecured creditors of certain Petrowest entities. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: receiver · class label: unsecured creditors of certain Petrowest entities · interim final: unstated · conditional on: Upon final payment of the Crown Distribution · claims qualifier: unstated; basis: estimated · quote: No recoveries are anticipated for shareholders of Petrowest Corporation. · pct of: unstated · outcome: nil · class key: equity · stated by: receiver · class label: shareholders of Petrowest Corporation · interim final: unstated · claims qualifier: unstated · stated on: 2018-02-05 · table missing:
- sale advisorRitchie Bros. Auctioneers (Canada) Ltd.; Ritchie Bros. Real Estate Services Ltd.
- sale outcometext: Receivership sales update describing completed and pending sales of Petrowest's divisions and assets · scope: liquidation · status: closed