Alberta · Proposal
Third Report of Proposal Trustee
Court officer report · 25 October 2022
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What we verified from this filing7 verified
- cash on handas at: 2022-10-21 · amount: 9524 · currency: CAD
- financial positionnote: Total unsecured creditors $17,703,820.43; secured, preferred, and contingent/trust claims each $0.00; Surplus NIL. Elsewhere the Proposal Trustee's report states cash held of approximately $15,210 and amounts owing to creditors of approximately $18.0 million (including approximately $11.9 million to Keyera) as of the Filing Date, differing from the sworn Statement of Affairs figures. · as at: 2022-09-30 · basis: Statement of Affairs as stated and estimated by the officer · scope: entity - Petrolama Energy Canada Inc. · currency: CAD · total liabilities: 17703820.43
- operational summaryPetrolama has wound down its Canadian operations, has only one employee remaining, and its main remaining asset of value is a contract to extract residue material from a lagoon in Texistepec, Mexico, which underpins the stalking horse Proposal that was unanimously accepted by voting creditors and which the Trustee recommends the Court approve.
- professional feesnote: Excludes GST. Proposal Trustee's Counsel's (Blake, Cassels & Graydon LLP) fees and disbursements for the same period totalled $96,085 (excluding GST). · party: Proposal Trustee (Alvarez & Marsal Canada Inc.) · amount: 145413 · period: start of BIA Proceedings to September 30, 2022 · currency: CAD
- recovery outcomeentries: basis: plan · quote: The range of dividends that may become available for distribution to Affected Creditors is between USD $0 and USD $9.0 million. · pct of: unstated · outcome: distribution · currency: USD · class key: unsecured · stated by: proposal_trustee · amount low: 0 · amount high: 9000000 · class label: Affected Creditors · interim final: unstated · currency quote: USD $0 and USD $9.0 million · claims qualifier: unstated; basis: liquidation_alternative · quote: in a bankruptcy, the Claims of the Affected Creditors will rank below that of the BIA Charges, with no funds expected to be available for Affected Creditors as outlined in the analysis at Appendix ' F '; · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-10-25 · table missing:
- report date25 October 2022
- report noThird Report