Alberta · Receivership (court-appointed)
1. First Report of the Receiver, with Appendices
Court officer report · 15 October 2008
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- process resultsbids: 9 · note: nine parties submitted indicative bids; five selected to continue to second stage, two additional parties added for Indonesian regulatory compliance (seven total in second stage) · qualified bids: 5
- purchaserContinental; Pearl
- recovery outcomeentries: basis: estimated · quote: Assuming the security of K2 and Source is determined to be valid and enforceable and in priority to the unsecured creditors, then the secured creditors would be paid in full from the cash consideration from either the Pearl Offer or the Continental PSA upon closing. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: receiver · class label: K2 (first secured creditor) · creditor name: K2 · interim final: unstated · conditional on: Assuming the security of K2 and Source is determined to be valid and enforceable and in priority to the unsecured creditors · claims qualifier: unstated; basis: estimated · quote: Assuming the security of K2 and Source is determined to be valid and enforceable and in priority to the unsecured creditors, then the secured creditors would be paid in full from the cash consideration from either the Pearl Offer or the Continental PSA upon closing. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: receiver · class label: Source (subordinated secured creditor) · creditor name: Source Petroleum Ltd. · interim final: unstated · conditional on: Assuming the security of K2 and Source is determined to be valid and enforceable and in priority to the unsecured creditors · claims qualifier: unstated; basis: estimated · quote: Based on the table above, the Receiver's preliminary estimate of the expected distribution indicates that all secured and unsecured creditors would recover 100% if either the Continental PSA or the Pearl Offer were accepted and if the Pearl Sebuku contingent receivable is recovered. · pct of: unstated · outcome: distribution · pct low: 100 · currency: USD · pct high: 100 · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 10900000 · interim final: unstated · conditional on: if either the Continental PSA or the Pearl Offer were accepted and if the Pearl Sebuku contingent receivable is recovered · currency quote: US$MM · claims qualifier: listed · stated on: 2008-10-15 · table missing:
- sale outcometext: Receiver's recommendations with respect to the offers received for FTL's 30% interest in the Tungkal PSC; recommends the Continental PSA be accepted and approved · scope: parcel · status: bid_selected