Alberta · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 19 June 2020
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 filing11 verified
- applicantALVAREZ & MARSAL CANADA INC.
- courtCOURT OF KING’S BENCH OF ALBERTA
- court file no2401-13217
- appointeeAlvarez & Marsal Canada Inc.
- appointee rolereceiver and sales agent
- commencement date22 October 2024
- statutory basissections 64 and 65 of the Personal Property Security Act, RSA 2000, c P-7 and section 13 of the Judicature Act, RSA 2000, c J-2
- financial positionnote: The Receiver 'is not aware of any other creditors of Viceroy', so no unsecured creditors are identified. The Greenfire Transaction purchase price is estimated at approx. $2,356,825, satisfied by credit bid of the Outstanding Amounts, credit bid of Receiver's Certificates, assumption of abandonment/reclamation liabilities, and cash payment of the Priority Payables Amount. The Receiver anticipates no funds for distribution to creditors after Priority Payables and professional fees (forecast fees and costs approx. $150,000). · page: 6 · basis: Receiver's report states: 'The Receiver is not aware of any other assets of Viceroy, except for its right, title and interest in and to the Farm-In Agreement' and 'is not aware of any other creditors of Viceroy.' No balance sheet or statement of affairs is presented; the Receiver relied on Greenfire's information without audit or verification. · scope: Viceroy Canadian Resources Corp. only (a 5% working interest holder in the McKay SAGD Project) · currency: CAD
- secured creditorsnote: Amount is the 'Outstanding Amounts' (Viceroy's unpaid share of Joint Account costs) per Greenfire's statement of accounts. The originating application (Sept 24, 2024) claimed at least $794,075.06, later reduced after a joint venture audit found historical amounts overstated; no opposition to the lesser amount known. The balance is expected to grow by approx. $5,000-$10,000 per month. Receiver's counsel (Cassels) has given a security opinion that the lien is valid, perfected and enforceable, subject to customary qualifications. This is the only secured debt registered against Viceroy per the Nov 26, 2024 PPR search. · page: 7 · as of: 2025-03-15 · amount: 432850.99 · debtor: Viceroy Canadian Resources Corp. · creditor: Greenfire Resources Operating Corporation · currency: CAD · security: Operator's Lien under s. 5.05(A) of the 2007 CAPL Operating Procedures (incorporated in the Farm-In Agreement) over Viceroy's 5% working interest in the McKay SAGD Project and Plant; registered in the Alberta Personal Property Registry on May 23, 2024
- secured creditorsnote: Post-filing receivership borrowing, not pre-filing debt. $200,000 drawn of $500,000 authorized; $300,000 remains available. The holder of the certificates is inferred from the APA, which provides for set-off of amounts owing under the Receiver's Certificates against the purchase price owed by Greenfire. Principal only; accrued interest is additional and not stated. · page: 15 · as of: 2025-03-31 · amount: 200000 · debtor: Viceroy Canadian Resources Corp. (by the Receiver) · creditor: Greenfire Resources Operating Corporation (as lender under Receiver's Certificates) · currency: CAD · security: Receiver's Certificates issued under paragraph 21 of the Receivership Order; Receiver's Borrowing Charge
- unsecured creditors