Alberta · CCAA
Petition
Application / notice of application · 30 December 2008
Also filed as: Petition
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 filing8 verified
- applicantValue Creation Inc. and BA Energy Inc.
- courtIN THE COURT OF QUEEN'S BENCH OF ALBERTA
- court file no0801-16292
- statutory basisSection 193 of the Alberta Business Corporations Act and the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
- secured creditorsnote: Facility/original advance amount, not a stated outstanding balance; VCI states it is not currently in default; if accelerated, VCI states it may be required to pay approximately US$507 million immediately (forecast/contingent figure, not a current balance). · page: 3 · debtor: Value Creation Inc. (VCI), with subsidiary guarantors · creditor: Lenders (including Credit Suisse, Toronto Branch, as agent, under Credit and Guarantee Agreement dated July 6, 2007, as amended by First Amendment dated June 6, 2008) · currency: USD · security: Senior Secured Credit Facility; original loan/facility amount US$425,000,000 advanced July 2007 (the VCI PIK Loan, as amended)
- appointeeErnst & Young Inc.
- appointee rolemonitor
- secured creditorsnote: Related party (parent company) secured creditor; described as BA Energy's secured creditor which it expects to fully repay. · page: 4 · debtor: BA Energy Inc. · creditor: Value Creation Inc. (VCI) · currency: CAD · security: VCI-BA Loan; CDN $50 million advanced by VCI to BA Energy pursuant to VCI Amended PIK Loan dated July 2008