Alberta · Receivership (court-appointed)
Fourth Report of the Receiver
Court officer report · 11 March 2024
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What we verified from this filing8 verified
- cash on handnote: As of the date of this Fourth Report · amount: 2900000 · currency: USD · qualifier: approximately
- closing confirmedscope: the Clairmont Property · outcome: completed · effective: 2022-06-23 · purchaser: T.J's Detailing Ltd. · date basis: stated · approval order date: 2022-05-11
- operational summaryThe receivership is winding down remaining foreign subsidiary matters (Kuwait JV sale, Mexico/Colombia earn-outs, Brazil litigation) and seeking to consolidate the Canadian receivership estates into a single estate; the Clairmont property sale has already closed with no remaining matters for QCOI.
- process resultsbids: 1 · note: Simmons approached over 60 prospective buyers; ultimately only one party submitted an offer, which later withdrew, before the Receiver approached the Kuwait JV Purchaser directly. · solicited: 60
- purchaserUnited Oil Projects Company K.S.C.C.; T.J's Detailing Ltd.
- report date11 March 2024
- report noFourth Report
- sale advisorSimmons Energy