Alberta · NOI
Trustee's Report to Creditors
Court officer report · 10 July 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing13 verified
- courtIN THE COURT OF KING’S BENCH OF ALBERTA
- court file no25-3189251
- commencement date21 June 2025
- cash on handnote: Only asset available; funds to be used to fund the Trustee's efforts. · as at: 2025-07-10 · amount: 7000 · currency: CAD · qualifier: approximately
- closing confirmedscope: two hangar buildings, one large 14,000 square foot hangar with office space, a smaller 580 square foot hangar, and miscellaneous pieces of maintenance equipment · outcome: completed · date basis: unstated · approval order date: 2025-05-05
- financial positionnote: As at the date of bankruptcy (June 21, 2025), OAR's only asset was cash of approximately $7,000, with no other assets available for realization; unsecured creditor claims are estimated at approximately $154,452 owed to 27 potential creditors. · as at: 2023-12-31 · basis: compiled by an independent, external accountant; financial statements not prepared for 2024 or the stub period to the date of bankruptcy · scope: OAR LP entity level (financial statements for OARLPI and OARGP not separately prepared, given integration of operations and structure of the partnership) · currency: CAD · total assets: 784000 · total liabilities: 1930000
- operational summaryOAR's airport assets and business were sold prior to bankruptcy under the Stalking Horse Transaction, leaving no ongoing operations; OAR was deemed bankrupt on June 21, 2025 after failing to file a viable proposal, and its only remaining asset is approximately $7,000 in cash, with no recovery expected for unsecured creditors.
- process resultsnote: SISP did not yield any qualified bids prior to the bid deadline · as of: 2025-04-21 · qualified bids: 0
- purchaserprice: sealed: false · scope: the business and property of OAR, which could include the sale of some or all of the Airstrip Lands and related equipment · status: closed · name note: Stalking Horse Bidder, unnamed in this report · structure: assets · name source: recital · relationship: stalking_horse
- recovery outcomeentries: basis: estimated · quote: The Trustee estimates there will be no recovery to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 154452 · interim final: unstated · claims qualifier: listed · stated on: 2025-07-10 · table missing:
- report date10 July 2025
- sale outcometext: Sale of business/assets pursuant to Stalking Horse Agreement approved and closed prior to bankruptcy · scope: whole_business · status: closed
- stalking horsestate: stated