Insolvency & Restructuring Group 2021 Year In Review

• Published date: 14 February 2022
• Subject Matter: Corporate/Commercial Law, Insolvency/Bankruptcy/Re-structuring, Financial Restructuring, Corporate and Company Law, Insolvency/Bankruptcy
• Law Firm: MLT Aikins LLP
• Author: MLT Aikins LLP

The MLT Aikins insolvency and restructuring practice group carried out assignments in 2021 as counsel to debtor companies, lenders and court officers administering insolvency proceedings. The 2021 Insolvency & Restructuring Group Year in Review includes notable highlights.

View the Insolvency Year in Review pdf.

Alberta Assignments

Alberta Foothills Properties Ltd. (Receivership)

Ryan Zahara and Kaitlin Ward acted for FTI Consulting Canada Inc. in its role as the court-appointed receiver of the assets, undertakings and properties of Alberta Foothills Properties Ltd. ("AFPL"). AFPL's primary asset is a quarter section of land immediately south of Okotoks that AFPL attempted to develop as a mixed residential and commercial development.

Alter NRG Corp. (Receivership)

Ryan Zahara and Catrina Webster acted as counsel for MNP Ltd., court-appointed receiver of the assets, undertakings and properties of Alter NRG Corp. ("Alter NRG"). Alter NRG is an Alberta based company that owns energy conversion intellectual property used to provide renewable energy services.

Calgary Oil & Gas Syndicate Group Ltd. et al (CCAA)

Ryan Zahara, Catrina Webster and Kaitlin Ward acted as counsel to a senior secured lender of Calgary Oil & Gas Intercontinental Group Ltd., T5 SC Oil and Gas Limited Partnership, Syndicate Partners Ltd. and Petroworld Energy Ltd. (collectively, the "T5 Companies"). BDO Canada Limited was appointed as the Monitor. The T5 Companies' CCAA Plan was approved and sanctioned by the Court and the Monitor was discharged in September of 2021.

Dusano Mechanical - 1433025 Alberta Ltd. (Bankruptcy)

Jonathan Bourchier and Catrina Webster acted as counsel to a senior secured lender of a Calgary mechanical maintenance and services company and obtained a Bankruptcy Order adjudging the company bankrupt.

Eagles Quay Properties Inc. (Receivership)

Ryan Zahara and Kaitlin Ward acted as counsel to BDO Canada Limited, court-appointed receiver of the assets, undertakings and properties of Eagles Quay Properties Inc. of Sylvan Lake, Alberta ("Eagles Quay"). Eagles Quay held property intended to be developed into a luxury lakeshore community.

Gain Energy Ltd. (NOI Proceedings)

Ryan Zahara and Catrina Webster acted as counsel for KPMG Inc., Proposal Trustee in the restructuring of Gain Energy Ltd. ("Gain Energy"), an Alberta privately-owned company with assets comprising oil and gas properties in Alberta, Saskatchewan, and British Columbia. The Proposal was approved by Gain Energy's creditors and sanctioned by the Court and the Proposal Trustee was discharged in October of 2021.

Kaisen Energy Corp. (CCAA)

Ryan Zahara and Catrina Webster acted as counsel to Kaisen Energy Corp. ("Kaisen") in CCAA proceedings commenced by the company. Kaisen is an Alberta based upstream oil and gas company operating in Alberta and Saskatchewan. Ernst & Young Inc. was appointed as the Monitor.

Redrock Camps Inc., Sweetwater Hospitality Inc., Sockeye Enterprises Inc. and Baldr Construction Management Inc. (CCAA)

Ryan Zahara and Kaitlin Ward acted as counsel to BDO Canada Limited, court-appointed Monitor in the CCAA proceedings of Redrock Camps Inc., Sweetwater Hospitality Inc., Sockeye Enterprises Inc. and Baldr Construction Management Inc. (the "Redrock Companies"). The Redrock Companies supplied and assembled remote service camps in Northern British Columbia and Alberta.

SanLing Energy Ltd. (Receivership and...