May 19, 2021
Salt Bush Energy Ltd., a Calgary, Alberta-based resource company engaged in the production and development of oil and natural gas assets primarily located in the Wizard Lake Oilfield, obtained protection under the CCAA on May 19. In January 2021, the company filed an NOI, listing approximately $19.9 million in liabilities, including $16.5 million to Whitebark Energy Ltd. ("Whitebark"). Deloitte, which consented to act as proposal trustee, commenced a stalking horse marketing and sales process for the company's assets (the "SISP"). However, since no qualified bids were received before the bid deadline, the SISP was automatically terminated and the company filed an application seeking the approval of an Asset Purchase Agreement between the company and Ironbark Energy Ltd. (the "Stalking Horse APA"). The Stalking Horse APA will be effected pursuant to a Reverse Vesting Order and the proposal proceedings commenced by the company under the BIA will be continued under the CCAA. Deloitte was appointed monitor. Counsel is McCarthy Tétrault for the company and Dentons for the monitor.