Ontario · Receivership (court-appointed)
Fourth Report of the Receiver dated December 13, 2007
Court officer report · 13 December 2007
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- closing confirmedscope: the majority of the Companies' P&NG assets · outcome: completed · effective: 2007-10-10 · purchaser: Deep Creek Oil & Gas Inc. · date basis: stated; scope: EnerNorth's interests in the Beavertail, BC area · outcome: completed · effective: 2007-09-27 · purchaser: Silverwing Energy Inc. · date basis: stated
- process resultsndas: 9 · note: Nine parties signed confidentiality agreements; offers were solicited from a contact list of 71 prospective purchasers. · as of: 2007-12-13 · solicited: 71
- purchaserOakwell Engineering Limited; Deep Creek Oil & Gas Inc.; Silverwing Energy Inc.
- recovery outcomeentries: basis: estimated · quote: Based on the Receiver's preliminary estimate as provided in Appendix "F", the Oakwell offer could result in a recovery of approximately 70% on the claims of unsecured creditors. · pct of: unstated · outcome: distribution · pct low: 70 · pct high: 70 · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: At this stage, we do not contemplate that any distributions will be made to EnerNorth's unsecured creditors (including Oakwell) before sometime in 2008. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: EnerNorth's unsecured creditors · interim final: unstated · conditional on: before sometime in 2008 · claims qualifier: unstated · stated on: 2007-12-13 · table missing:
- sale advisorQ Capital India (Pvt.) Ltd.; Jennings Capital
- sale outcometext: The Receiver recommends approval of the Oakwell transaction for the KGPL Shares, following a sale process, with closing expected shortly after Court approval. · scope: parcel · status: pending_approval