March 7, 2022
Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc., and Balanced Energy Holdings Inc., which provided coil tubing and other services to the oil and gas sector, was placed in receivership on March 7, on application by National Bank of Canada ("NBC"), owed approximately $24.7 million. NBC, along with the receiver and a new entity incorporated by one of the former principals of the companies, has negotiated a term sheet which contemplates the sale of certain of the companies' assets and equipment. NBC supports the proposed transaction, and the receiver intends to seek approval of the transaction in due course. FTI was appointed receiver. Counsel is MLT Aikins for NBC, Osler for the receiver, Bennett Jones for XDI Energy Solutions Inc. and TGF for Laurentian Bank of Canada.
By Dina Milivojevic