October 5, 2020

Filing Type:

Company Counsel: Bennett Jones

Trustee: EY

Trustee Counsel: Fasken

Industry:

Province:

Glenogle Energy Inc. and Glenogle Energy Limited Partnership (collectively, "Glenogle"), a Calgary, Alberta-based oil and gas exploration and production company, obtained protection under the CCAA on September 8, listing approximately $72.6 million in liabilities, including $51.0 million to HSBC. Glenogle previously commenced NOI proceedings on May 14. Like other oil and gas businesses, the company has suffered due to the global collapse in commodity prices. More recently, global oil and natural gas markets and pricing have suffered precipitous declines as a result of extreme oversupply and an unprecedented drop in demand as a result of COVID-19. Currently, Glenogle requires the stability of the CCAA proceedings to carry out its SISP in a manner that will maximize value as part of its proposal. During these proceedings, HSBC will be providing up to $2.6 million in DIP financing. EY was appointed monitor. Counsel is Bennett Jones for the company, Fasken for the monitor, and Norton Rose Fulbright for HSBC

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