Clearbeach Resources

Clearbeach Resources, a London, Ontario-based oil and gas company operating in southwestern Ontario, filed an NOI on July 22, listing $28.2 million in liabilities, including $9.0 million to PACE Savings and Credit Union Limited, its primary secured creditor. Causes of financial difficulty are primarily tied to depressed oil and gas prices. Richter is the proposal trustee. Counsel is Bennett Jones for the company, BLG for Richter, and Aird & Berlis for PACE.