Alberta · Receivership (court-appointed)
Affidavit of Torey Celinskis sworn on May 4, 2022
Affidavit · 4 May 2022
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
- financial positionnote: Liabilities stated to consist of: $29.3M trade payables/accrued liabilities, $30.8M oil loading facility minimum payments, $584.4M principal on long-term debt facilities, $37.5M future lease commitments (sum of components as testified equals $682.0M, but document states total liabilities of $625.7M per credit listing - reported total used per Rule 1, components not summed) · page: 3 · as at: 2015 CCAA filing (January 2015) · basis: Credit listing prepared by PwC in respect of the Debtors' 2015 CCAA filing (Exhibit A) · scope: Debtors: Southern Pacific Resource Corp. and Guarantors (Southern Pacific Energy Ltd., 1614789 Alberta Ltd., 1717712 Alberta Ltd., Southern Pacific Resource Partnership) · currency: CAD · total liabilities: 625700000
- unsecured creditorsnote: Component of total liabilities of $625.7 million per PwC credit listing (2015 CCAA filing); document names no individual trade creditors · page: 3 · as of: January 20, 2015 (testimony of Byron Lutes) · basis: Testimony of President and CEO Byron Lutes on liabilities components, as reported in credit listing summary · amount: 29300000 · debtor: Southern Pacific Resource Corp. and Guarantors · creditor: Trade accounts payable and accrued liabilities (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Component of total liabilities of $625.7 million; contractual minimum payment obligation, not trade debt · page: 3 · as of: January 20, 2015 · basis: Testimony of Byron Lutes on liabilities components · amount: 30800000 · debtor: Southern Pacific Resource Corp. and Guarantors · creditor: Minimum payments due on oil loading facility · currency: CAD
- unsecured creditorsnote: Component of total liabilities of $625.7 million · page: 3 · as of: January 20, 2015 · basis: Testimony of Byron Lutes on liabilities components · amount: 37500000 · debtor: Southern Pacific Resource Corp. and Guarantors · creditor: Future lease commitments (equipment and loading facilities) · currency: CAD
- secured creditorsnote: Floor/'in excess of' figure per affidavit para 6; does not include interest or advisor fees which would also be owing; 227 AB acquired 99.29% of unpaid principal via assignment from 17 of 18 lenders; gross distributions of CAD $14,879,705 received in prior CCAA/receivership proceedings · page: 4 · as of: As of the affidavit (May 4, 2022), principal amount currently owing, excluding interest and advisor fees · amount: 120000000 · debtor: Southern Pacific Resource Corp. and Guarantors (Southern Pacific Energy Ltd., 1614789 Alberta Ltd., 1717712 Alberta Ltd., Southern Pacific Resource Partnership) · creditor: First Lien Lenders (First Lien Term Loan, administered by Credit Suisse AG, Cayman Islands Branch / successor 2276736 Alberta Ltd.) · currency: USD · security: First ranking security interest on all present and future assets of the Borrower; original facility amount USD $136.2 million (CAD $150 million); guaranteed by subsidiaries
- secured creditorsnote: Registered/issued principal amount, not a stated outstanding balance; matured January 25, 2018; ranked behind First Lien Term Loan · page: 6 · as of: January 25, 2013 (issuance) · debtor: Southern Pacific Resource Corp. · creditor: Second Lien Noteholders (Senior Secured Second Lien Notes) · currency: CAD · security: Second-priority security interest in all assets of the Borrower; face value $260,000,000; guaranteed jointly and severally by subsidiaries on senior secured basis; subject to intercreditor agreement
- unsecured creditorsnote: Face value $172,500,000; subordinated unsecured convertible debentures; matured June 30, 2016 · page: 7 · as of: January 7, 2011 (issuance) · basis: Affidavit description of debt facility · debtor: Southern Pacific Resource Corp. · creditor: 2011 Convertible Debenture holders · currency: CAD