Alberta · NOI
First Report of the Proposal Trustee
Court officer report · 25 February 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 filing9 verified
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no25 – 2655526
- commencement date4 February 2022
- secured creditorsnote: Largest secured creditor; issued demand letter and Notice of Intention to Enforce Security (10-Day Notice) under s.244 BIA on January 26, 2022. Operating Loan (CAD account) balance as at the Filing Date was approximately $5,636,588 (per cash flow forecast, CAD account overdrawn $5,636,588.07 on Feb 4, 2022) - this is a component of the total HSBC balance, not a separate debt. · page: 7 · as of: NOI filing date · amount: 8519828 · debtor: Vertex Downhole Ltd. · creditor: HSBC Canada · currency: CAD · security: Two credit facilities: (a) Operating Loan and MasterCard facility in the amount of $6,500,000 pursuant to loan agreement dated February 13, 2019, as extended and amended November 26, 2019, May 8, 2020, and September 23, 2021; (b) non-revolving demand loan facility of $3,000,000 granted through BCAP pursuant to loan agreement dated September 21, 2020, as extended and amended September 20, 2021 (collectively 'HSBC Credit Facilities'), guaranteed by the Subsidiaries
- unsecured creditorsnote: Document names no individual trade creditors · page: 7 · as of: NOI filing date · basis: As listed in Vertex's filed NOI · amount: 1075891 · debtor: Vertex Downhole Ltd. · creditor: Trade accounts payable (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Employee obligations for pre-filing amounts owed (expense reimbursements); document names no individual employees; may qualify as preferred (wages) but not explicitly labelled as such in text · page: 7 · as of: NOI filing date · basis: As listed in Vertex's filed NOI · amount: 1007 · debtor: Vertex Downhole Ltd. · creditor: Employees (aggregate as reported) · currency: CAD
- financial positionnote: Total liabilities of $9,596,726 as at the Filing Date (February 4, 2022) per filed NOI, comprising HSBC $8,519,828, trade accounts payable $1,075,891, and employee obligations $1,007. Total assets of $18,497,022 are book values as at November 30, 2021 (different date than liabilities figure), unaudited. · page: 8 · as at: 2021-11-30 · basis: book value (assets); as listed in Vertex's filed NOI (liabilities, as at Filing Date February 4, 2022) · scope: Vertex Downhole Ltd. (entity level; subsidiaries HPC Energy Services Holdings (USA), Inc., HPC Energy Services Subsidiary (USA), Inc., and Vertex Downhole, Inc. are separate and guarantee but are not consolidated in these figures) · currency: CAD · total assets: 18497022 · total liabilities: 9596726
- sale advisorMNP Ltd.
- sale outcometext: The Company seeks approval of a SISP to solicit and select bids for the sale of shares or assets of the Company · scope: whole_business · status: process_approved