Alberta · CCAA
Second Report of the Proposal Trustee
Court officer report · 22 August 2023
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 filing8 verified
- cash on handnote: Ending cash per budget-to-actual table is $55 (C$ 000s). · as at: 2023-08-19 · amount: 55000 · currency: CAD · qualifier: approximately
- operational summaryThe Company has continued operating its Central Alberta P&NG assets without material disruption, producing about 450 boe/d, while pursuing recapitalization discussions and a court-supervised SISP with a stalking horse bid from Invico.
- professional feesnote: Actual $47K vs forecast $145K; lower as some amounts remain unpaid and the variance is expected to partly reverse. Forecast professional fees of $250K for Aug 20 - Oct 14, 2023. Tax treatment not stated. · party: Company's professional fees (proposal trustee, its counsel and Free Rein's legal counsel) · amount: 47000 · period: 7 weeks ended August 19, 2023 (actual) · currency: CAD
- purchaserInvico
- report date22 August 2023
- report noSecond Report
- sale outcometext: Proposal Trustee recommends that the SISP be implemented as currently constructed · scope: whole_business · status: process_approved
- stalking horseInvico (6.2)