Alberta · CCAA
Pre-Filing Report of the Proposed Monitor
Pre-filing report · 26 October 2026
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 filing9 verified
- courtCOURT OF KING’S BENCH OF ALBERTA
- applicantThe Prudential Insurance Company of America and Prudential Legacy Insurance Company of New Jersey
- appointeeAlvarez & Marsal Canada Inc.
- appointee rolemonitor
- statutory basissubsection 11.7(1) of the CCAA
- financial positionnote: Assets: PP&E and E&E assets 99,283; cash 2,071; restricted deposit 4,112; A/R, prepaids and other current 11,340; other non-current 650 ($000s). Liabilities: First Lien Loan (carrying) 57,490; Second Lien Notes (carrying) 5,257; decommissioning liabilities 68,309; A/P and accrued 11,552; preferred share and warrant liabilities 23,934; other liabilities 12,576 ($000s). PPR Canada preferred shares aggregate principal approx. $27.9 million at June 30, 2026 (held by PCEP-affiliated entity). Proposed Administration Charge of $500,000 (to be sought at $750,000 at comeback) is a proposed priority charge, not pre-filing debt. · page: 12 · as at: 2026-06-30 · basis: PPR Inc.'s unaudited condensed interim consolidated financial statements for the six months ended June 30, 2026; Proposed Monitor relied on unaudited information and did not audit or verify it. Figures presented in $000s in the document and converted here to dollars. · scope: Consolidated — PPR Inc. and PPR Canada (the Companies) and subsidiaries · currency: CAD · total assets: 117456000 · total liabilities: 179118000
- secured creditorsnote: Outstanding principal not separately stated (combined with First Lien Loan at approx. $79.3 million as at June 30, 2026). Second Lien Notes carrying amount $5,257K at June 30, 2026 (accounting carrying amount). Related party to Applicant Creditors and PCEP; additional defaults under the Subordinate NPA; PIK interest accrues. · page: 13 · debtor: Prairie Provident Resources Inc. · creditor: Prudential Capital Energy Partners, L.P. and Prudential Capital Energy Partners Management Fund, L.P. (Subordinate Lender; Second Lien Notes, Subordinate NPA) · currency: USD · security: Second lien notes: US$3,640,500 issued under Note Purchase Agreement dated March 30, 2023; additional US$2,300,000 made available May 2024 (reduced by the same amount in connection with the October 2024 rights offering); approx. US$600,000 advanced June 2025.
- secured creditorsnote: Balance stated only in combination: total principal under First Lien Loan and Second Lien Notes was approx. $79.3 million as at June 30, 2026 (not split by instrument; not summed here). First Lien Loan carrying amount on the financial statements is $57,490K (accounting carrying amount, differs from principal). PIK interest continues to accrue. Applicant Creditors are affiliated with the Subordinate Lender and PCEP (80.1% shareholder of PPR Inc.) — related party. Companies in breach of EBITDAX, leverage and minimum production covenants as at June 30, 2026. · page: 13 · debtor: Prairie Provident Resources Canada Ltd. (borrower); Prairie Provident Resources Inc. (guarantor) · creditor: The Prudential Insurance Company of America and Prudential Legacy Insurance Company of New Jersey (First Lien Loan, Senior NPA) · currency: USD · security: Demand Debenture and Negative Pledge Agreements over assets of PPR Inc. and PPR Canada, registered in Alberta PPR against both Companies and against certain Crown mineral leases and freehold mineral interests. Facility limit (not a balance): US$65,000,000 revolving note facility (originally US$40,000,000; US$45,000,000 on June 21, 2018; US$65,000,000 on Nov 21, 2018).
- unsecured creditors