Delphi Energy Corp. and Delphi Energy (Alberta) Limited

CCAA

^{Page last updated: June 29, 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.

Status of file as at June 25, 2021

The application for leave to appeal the Court's January 27, 2021 Order which dismissed the objections by the certain creditors with disputed claims in the Claims Process (referenced in the February 4, 2021 status update) was heard by the Alberta Court of Appeal on March 18, 2021. On June 11, 2021, the Court of Appeal of Alberta issued its reasons for decision, and permission to appeal was denied. A court order formalizing this decision was filed on June 23, 2021.

As a result, all remaining distributions to the General Unsecured Creditor Class (which includes the distribution regarding the Second Lien Beneficial Noteholder deficiency claims) as well as any approved secured claims in the Claims Process were paid by cheque and mailed on June 25, 2021.

All distributions by the Monitor in accordance with the Plan of Compromise and the Sanction Order have now been made.

Status of the file as at February 4, 2021

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.

Status of the file as at January 27, 2021

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.

Status of the file as at October 26, 2020

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.

Status of file as at July 29, 2020 

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.

Status of file as at April 14, 2020 

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. 

Creditor List 

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:

• If you are a creditor and your name is not on the list, and the Companies have an obligation to you in respect of a pre-filing debt, please contact the Monitor at the email address on this website.
• If you are a creditor and your name is on the list, and the amount shown for you is correct, no action is needed from you at this time. 
• If you are a creditor and your name is on the list, and the amount shown for you is incorrect, no action is needed from you at this time, as the amount owed to you will be updated during a claims process.