On January 13, 2021, Salt Bush Energy Ltd. ("SBE" or the "Company") filed a Notice of Intention to Make a Proposal (the "NOI") pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3 (the "BIA"). The time period within which the Company was required to file a proposal to its creditors was extended to May 21, 2021, pursuant to three (3) Court orders to facilitate a sales process of the Company's assets.
During the NOI period, the Proposal Trustee administered the Court approved sales process with respect to the Company's assets. The sale transaction was approved by way of a Sale and Vesting Order approved by the Court on May 19, 2021 (the "RVO") which:
To effect the transaction, the proposal proceedings commenced by the Company under the BIA were continued under the Companies' Creditor Arrangement Act, R.S.C. 1985, C. C-36, as amended ("CCAA") and Deloitte Restructuring Inc. ("Deloitte") was appointed as Monitor. Upon the closing of the sale of assets, all of the SBE liabilities were vested to 2345141 Alberta Ltd. ("234") and the CCAA proceedings concluded effective May 26, 2021.
Subsequently, 234 has made an assignment into bankruptcy effective June 7, 2021. Deloitte was appointed as trustee in bankruptcy of the 234 estate (in such capacity, "Trustee").
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Nov 22, 2021