No Match Found
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Pursuant to an Order (“Initial Order”) of the Honourable Justice Jones of the Court of Queen’s Bench of Alberta (the “Court”) dated October 2, 2019, PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as the monitor (the “Monitor”) of Bellatrix Exploration Ltd. (“Bellatrix”) in proceedings pursuant to the Companies’ Creditors Arrangement Act (“CCAA”), R.S.C. 1985, c. C 36, as amended (“CCAA Proceedings”). The Monitor’s reports and orders from the CCAA Proceedings are available on the Monitor's website at www.pwc.com/ca/bellatrix.
On July 7, 2022, the Court granted an Approval and Vesting Order (“AVO”) in the CCAA Proceedings, providing among other things that the Monitor could effect a transaction (the “Transaction”) in which Bellatrix would be restructured, emerge from the CCAA proceedings and be replaced with 2350810 Alberta Ltd. (“Newco”) as the CCAA debtor in the CCAA Proceedings. The Transaction approved by the Court resulted in additional distribution to Bellatrix’s secured creditors and effectively transferred the remaining liabilities of Bellatrix to Newco in order to effect the Transaction.
Pursuant to the AVO, the Court directed that the Monitor, in addition to its prescribed rights and obligations under the CCAA, is authorized, entitled and empowered to assign Newco into bankruptcy at any time after closing the Transaction, which closed on August 9, 2022. On September 1, 2022, the Monitor filed an assignment into bankruptcy on behalf of Newco with PwC named as trustee in bankruptcy (“Trustee”) of Newco.
Newco has no assets; therefore, the trustee does not expect there to be any distributions available to creditors.