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- Clearbeach Resources Inc. and Forbes Resource Corp.
Clearbeach Resources Inc. and Forbes Resource Corp.
Clearbeach Resources Inc. and Forbes Resource Corp. (the "Companies"), a London, Ontario-based business that owns and operates 402 oil and natural gas wells in Southwestern Ontario, obtained protection under the CCAA on May 20. In 2020, facing pressure from their senior lender, Pace Savings & Credit Union Limited ("Pace"), the Companies commenced NOI proceedings under the BIA to address the indebtedness to Pace as well as other operational issues, including environmental obligations in respect of various wells. The NOI proceedings were extended multiple times. The Companies were able to negotiate a settlement with Pace to continue their NOI proceedings under the CCAA. During these proceedings, the Companies will consult with the Ministry to address environmental stewardship obligations and consider the viability of presenting a plan to their creditors and stakeholders. MNP was appointed monitor. Counsel is Bennett Jones for the Companies, Aird & Berlis for Pace, and Loopstra Nixon for the monitor.