Alberta · CCAA
Originating Application
Application / notice of application · 27 October 2026
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
- applicantTHE PRUDENTIAL INSURANCE COMPANY OF AMERICA AND PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY
- courtCOURT OF KING’S BENCH OF ALBERTA
- court file no2601-
- appointeeAlvarez & Marsal Canada Inc.
- appointee rolemonitor with enhanced powers
- statutory basisCompanies’ Creditors Arrangement Act, RSC 1985, c C-36
- secured creditorsnote: Floor: the document states Prudential Senior is 'currently owed in excess of CAD $71,264,618' — the figure is a minimum, not an exact balance; no date is tied to it. Interest has been capitalized in 2025 and 2026 under covenant relief. Prudential Senior is also the applicant and an affiliate of PCEP, which holds approximately 80.1% of PPRI's shares (related party). · page: 3 · amount: 71264618 · debtor: Prairie Provident Resources Inc. (primary obligor); Prairie Provident Resources Canada Ltd. (unlimited guarantor) · creditor: The Prudential Insurance Company of America and Prudential Legacy Insurance Company of New Jersey (Prudential Senior) · currency: CAD · security: Debenture and Negative Pledge Agreements from each of PPRI and PPRC over substantially all property; perfected by Alberta PPR registrations and registrations against certain Crown mineral leases and freehold real property interests. Debt arises under the Senior NPA (Note Purchase Agreement, as amended); first secured creditor.
- secured creditorsnote: USD $3,640,500 is the original facility amount, not a current balance. Second lien lender also made additional cash injections totalling approximately USD $2,900,000 from May 2024 to June 2025. Current outstanding balance not stated; the document does not name the lender. · page: 4 · debtor: Prairie Provident Resources Inc. / Prairie Provident Resources Canada Ltd. (debtor not specified) · creditor: Second lien note lender (unnamed; subordinate lender under new second lien note facility) · currency: USD · security: New second lien note facility in original amount of USD $3,640,500, created in the March/May 2023 Recapitalization Transaction
- financial positionnote: No balance sheet figures given. Debtors are said to owe creditors more than the $5,000,000 CCAA threshold. Debtors would be unable to pay liabilities in the ordinary course if not for Prudential Senior permitting interest to be capitalized. · page: 5 · basis: Applicant's characterization: 'their financial reporting discloses that the Debtors' liabilities significantly exceed booked assets, on a consolidated basis' — no figures stated · scope: Consolidated; PPRI and PPRC · currency: CAD