Alberta · NOI
Tenth Report of the Monitor
Court officer report · 16 June 2025
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What we verified from this filing9 verified
- cash on handnote: Described as the ResidualCo Funds currently held by the Monitor, including a holdback of at least $615,000 for the Directors' Charge, Administration Charge and potential trust/property claims. · amount: 2040000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the sale transaction ('Transaction') · outcome: completed · effective: 2025-12-11 · purchaser: TexCal Energy Canada Inc. · date basis: stated
- operational summaryResidualCo holds no active operations; the Monitor is administering the Claims Process, winding up the release of leased equipment to lessors, and preparing to distribute the remaining ResidualCo Funds before seeking termination of the CCAA proceedings.
- professional feesnote: Exclusive of GST; includes fees incurred by FTI in its prior capacity as proposal trustee in the NOI proceedings. Monitor's Counsel fees and disbursements for February 1, 2024 to June 12, 2025 total $385,597.91 (exclusive of GST), also including prior NOI role fees. · party: Monitor (FTI Consulting Canada Inc.) · amount: 543225.03 · period: January 1, 2024 to May 31, 2025 · currency: CAD
- purchaserTexCal Energy Canada Inc.
- recovery outcomeentries: basis: estimated · quote: As discussed in the Monitor's Ninth Report, based on the Company's books and records, the quantum of Provable Claims was expected to be substantially higher than the ResidualCo Funds available for distribution to creditors, meaning there would be no funds available for distribution to pre-filing unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: pre-filing unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Monitor engaged in discussions with CNRL and understands that CNRL does not oppose the Proposed Distribution set out below, which involves a distribution to CNRL in respect of the full amount of its Post-Filing Claim and no distribution being made in respect of its Secured Claim. · pct of: unstated · outcome: nil · class key: secured · stated by: monitor · class label: CNRL Secured Claim · claims amount: 10900000 · creditor name: CNRL · interim final: unstated · claims qualifier: asserted; basis: unstated · quote: The Monitor engaged in discussions with CNRL and understands that CNRL does not oppose the Proposed Distribution set out below, which involves a distribution to CNRL in respect of the full amount of its Post-Filing Claim and no distribution being made in respect of its Secured Claim. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · stated by: monitor · class label: CNRL Post-Filing Claim · claims amount: 167000 · creditor name: CNRL · interim final: unstated · claims qualifier: asserted · stated on: 2025-06-16 · table missing: A detailed schedule of the proposed distribution by creditor is attached as Appendix ' B ;'
- report date16 June 2025
- report noTenth Report
- sale outcometext: The Transaction closed on December 11, 2025, and the Monitor's Certificate was filed on December 12, 2025 · scope: whole_business · status: closed