Page last updated: March 15, 2021
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
On February 4, 2021, the Monitor was advised by legal counsel for one of the creditors in the Claims Process that it intends to seek leave to appeal the January 27, 2021 Order which dismissed the objections by the disputed claimant. The timing of the disposition of the appeal is unknown.
The Monitor is not able to make the remaining distributions to the General Unsecured Creditor Class until this matter is resolved.
On December 9, 2020, the Alberta Court of Queen's Bench heard objections from certain creditors in the Claims Process that filed a Dispute Notice and Court Application objecting to the Notice of Revision or Disallowance issued by the Monitor. The Court's decision was reserved. On January 27, 2021, the Court released its decision, dismissing the objections by the disputed claimants. There is a three week appeal period with respect to this decision.
The Monitor will await the expiry of the appeal period before making the remaining distributions to the General Unsecured Creditor Class, which includes the Second Lien deficiency claim. Assuming all issues with all Claims are resolved by February 17, 2021, the Monitor anticipates making the remaining distributions under the Plan during the week of February 22, 2021.
A Plan Sanction Order, approving Delphi's Plan of Compromise and Arrangement (the "Plan") was granted by the Court on September 11, 2020.
Certain creditors sought leave to appeal the Plan Sanction Order. Their requests were heard by the Appeals Court on October 7, 2020. On October 15, 2020 Delphi was advised that the Appeals Court dismissed the applications.
The Monitor received the Plan Implementation Fund and executed the Monitor's Certificate on October 16, 2020 confirming that the Plan has now been implemented.
Distributions to creditors with approved claims that are part of the convenience class (either because their claim was less than $5,000 or a distribution election was filed), will be made by the end of October 2020.
The remaining pro rata distributions to the General Unsecured Creditor Class cannot be made until those claimants that filed a Dispute Notice and Court application objecting to the Notice of Revision or Disallowance issued by the Monitor, either decide not to pursue their claim or have their claim objections heard and determined by the Court. The Monitor has been advised that objections may be heard the second week of December 2020. The Monitor expects further clarity on this in the coming weeks, and will make distributions as soon as possible once the disputed claim applications are resolved.
No further proofs of claim in these CCAA Proceedings will be accepted.
Delphi made a Plan of Compromise and Arrangement dated July 6, 2020 pursuant to the CCAA. A copy of Delphi's CCAA Plan can be found appended to the Creditor Virtual Meeting Order as well as the Information Circular.
Virtual creditors' meetings will be held on September 9, 2020. Relevant documents are filed under the "Creditors' Meetings" tab on this website. In the next few days, General Unsecured Creditors (other than Second Lien Beneficial Noteholders), that filed a Proof of Claim with the Monitor prior to the Claims Bar Date, will receive an email from the Monitor with the same relevant documents, as well as a Personal Meeting ID number.
Second Lien Beneficial Noteholders will receive an information package through a mailing intermediary as noted in the Creditor Virtual Meeting Order.
On April 14, 2020 (the “Filing Date”) Delphi Energy Corp. and Delphi Energy (Alberta) Limited (“Delphi”, the “Companies” or the “Applicants”) applied for and received an order (the “Initial Order”) for protection pursuant to the Companies’ Creditors Arrangement Act (“CCAA”), R.S.C.1985, c.C-36, as amended, from the Court of Queen’s Bench of Alberta (the “Court”). The Initial Order includes among other things, a stay of proceedings against the Companies, and the appointment of PricewaterhouseCoopers Inc., LIT as monitor of the Applicants (“PwC” or the “Monitor”).
In accordance with section 23 (1)(ii)(b) of the CCAA and the Initial Order, a notice will be sent within 5 days of the Filing Date to every known creditor of the Applicants who has a claim against the Companies of more than $1,000.
For copies of the Initial Order, Monitor’s Reports and relevant materials, please click on the links above.
The CCAA requires that the Monitor publish a list of the Companies’ creditors, showing the name, address, and amount owed at the Filing Date (the “Creditor List”). This is a 'snapshot in time' of the Companies’ obligations to their creditors, and every effort has been made to post an accurate list, recognizing it may not be complete at the Filing Date.
Please note the following with respect to the Creditor List: