Delphi Energy (TSX:DEE), a Calgary, Alberta-based junior energy producer focused on the exploration and development of conventional natural gas, shale gas and natural gas liquids in Alberta and British Columbia, obtained protection under the CCAA on April 14. The company had already attempted to restructure its debt-heavy balance sheet in November 2019 through a Plan of Arrangement under the CBCA, but just as it was emerging from that restructuring, the price of oil and gas started to fall dramatically beginning in December 2019. This, coupled with the impact of the COVID-19 pandemic, has resulted in a forecasted 29% drop in cash flow for Q1 2020, and the company expected to imminently breach a financial covenant under its loan agreement with its first lien lenders (ATB, BMO and BNS). While under creditor protection, the company plans on conducting a sales and investment solicitation process. PwC is the monitor. Counsel is Osler for the company and BLG for the monitor.