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Salt Bush Energy Ltd.

Introduction and Overview

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:

  • allowed SBE to continue operating in the normal course while preserving certain beneficial tax attributes;
  • avoided the need to seek regulatory approval of the transfer of the various licenses held with the Alberta Energy Regulator; and
  • minimized transactional costs associated with closing the sale and transferring the assets to Ironbark Energy Ltd.

 

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").

Publicly available documents will be posted to this website.


Contact Information

For further information, please contact Naomi McGregor at 403-503-1423 or naomcgregor@deloitte.ca.


Documents

The documents hosted on this page may not meet Provincial Accessibility standards. We will respond to any requests for accessible formats regarding public documents and address those requests in a timely and appropriate manner. Please contact us at ashkeene@deloitte.ca.

1)  Court Orders



2)  Motion Materials



3)  Reports



4)  Notices and Other Documents



5)  Service Lists



6)  Sales Process



Last updated Nov 22, 2021

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