Alberta · NOI
Second Supplemental Report to the Eighth Report of the Monitor
Court officer report · 5 December 2024
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 filing7 verified
- operational summaryThe Applicants are seeking court approval of a sale transaction with a revised waterfall distribution to address Arena's objection; if not approved, the OWA intends to seek appointment of a receiver and the Applicants lack liquidity to continue, with directors/officers unable to continue past December 10, 2024.
- purchaserprice: note: Subscription Price of $8,375 (in C$ 000s) per Revised Waterfall Analysis · basis: cash · amount: 8375 · sealed: false · currency: CAD · scope: the Transaction contemplated by the Subscription Agreement · status: proposed · name note: referred to only as 'the Purchaser' under the Subscription Agreement; not named in this report · structure: shares · name source: recital · relationship: unstated
- recovery outcomeentries: basis: liquidation_alternative · quote: Given the results of the sale process completed within these proceedings the Monitor would expect no recovery to Arena or other creditors in an OWA receivership as the proceeds from any asset sales would be held by the OWA and utilized to offset against the cost of wells, pipelines and facilities that cannot be sold and require abandonment. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Arena or other creditors in an OWA receivership · interim final: unstated · conditional on: If the Transaction is not approved and a receiver is appointed over the Applicants' assets at the OWA's request · claims qualifier: unstated · stated on: 2024-12-05 · table missing:
- report date5 December 2024
- report noSecond Supplemental Report to the Eighth Report
- sale advisorSale Advisor
- sale outcometext: the Court declined to grant the Relief sought approving the Transaction as proposed, and the Applicants now seek approval of the Transaction with a Revised Waterfall Analysis · scope: whole_business · status: pending_approval