On February 15, 2008, Piper Resources Ltd., formerly known as 2937077 Canada Inc. filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”) and obtained an initial Order from the Court of Queen’s Bench of Alberta (the “Court”). Under the terms of the CCAA Order, all proceedings against Piper were stayed for an initial period ended March 17, 2008. The Court granted six Stay Extension Orders, with the final stay of proceedings expiring on August 18, 2008. Deloitte & Touche Inc. (“Deloitte”) acted as Monitor pursuant to the CCAA proceedings.
On July 22, 2008, the Court granted a Receivership Order in respect of Piper and Deloitte was appointed as Interim Receiver and Receiver and Manager of all of Piper’s current and future assets, undertakings and properties. Subsequently, on August 18, 2008, the Court granted a Bankruptcy Order in respect of Piper and Deloitte was appointed as Trustee of the estate of the bankrupt. The Receivership and Bankruptcy proceedings are operating concurrently.
A first meeting of creditors to consider the affairs of the bankrupt will be held on September 9, 2008 at 2:00 P.M. at Deloitte, 3000, 700 – 2nd Street SW, Calgary, AB.
The Receiver has now completed the sale of all of Piper’s petroleum and natural gas rights, tangibles and miscellaneous interests (the “PNG Assets”) to Glenogle Energy Inc. (“Glenogle”), effective July 1, 2008. The PNG Assets were sold to Glenogle for 68,486,200 Class B common non–voting shares of Glenogle (the (“Glenogle Shares”), which transaction was approved by the Court on August 18, 2008. The Glenogle Shares now vest in the Trustee in Bankruptcy.
Matco Capital Ltd. (“Matco”) Piper’s principal secured creditor is owed a total of approximately $51.7 million. The Receiver obtained a legal opinion that Matco’s security is valid and enforceable and ranks in first position, subject to the Court’s determination with respect to any potential priority claims. It is anticipated that, subject to creditor and/or Court approval, the Glenogle Shares, as well as any assets held by the Receiver, will be transferred to Matco in satisfaction of their outstanding secured claim. As such, it is not anticipated that there will be any funds available for distribution to any secured creditors ranking subsequent to Matco or to the unsecured creditors.
Should you require additional information please contact Vanessa Grant of Deloitte & Touche Inc. at 403-298-5955.
Notice to Creditors in the Matter of the CCAA Filing - February 21, 2008
May 3, 2021