December 8, 2021

Filing Type:

Company Counsel: MLT Aikins

Trustee: EY

Trustee Counsel: Norton Rose



Kaisen Energy Corp., a Calgary, Alberta-based upstream oil and gas company, obtained protection under the CCAA on December 8. Due to the impacts of COVID-19 and significant commodity price volatility, Kaisen was obligated to shut-in a significant portion of its operations to reduce costs, and its production dropped significantly before eventually rebounding to approximately 50% production capacity in November 2021. In addition to these operational challenges, Kaisen: (a) suffered material losses in 2018 and 2019 in connection with a hedging plan it then had in place, and (b) has had its credit facilities significantly reduced by its senior secured lender resulting in its available credit decreasing from $5.5M in Q4 2017 down to $1.85M in Q4 2020. EY was appointed monitor. Counsel is MLT Aikins for the company and Norton Rose for the monitor.