Energold Drilling

Energold Drilling, a Vancouver, British Columbia-based drilling contractor, obtained protection under the CCAA on September 13. Operating in 25 countries, the company's revenues have been adversely impacted by the deterioration of the markets it serves - in particular, the general downturn in mining that commenced in or around 2012 and the subsequent general downturn in oil and gas that commenced in or around 2014. While conditions in the mining sector have shown some signs of improving in recent years, neither the mining or energy sectors have recovered to their previously robust levels of activity. The company's restructuring plan includes reducing its debt load, cutting costs in its corporate office, selling non-core assets and refocusing attention to its remaining operating units. FTI was appointed monitor. EY was appointed financial advisor to the company. Portage Point Partners was appointed CRO. Counsel is BLG for the company, Cassels Brock for the monitor, Gowling WLG for EDC, Clark Wilson for Extract Advisors LLC as administrative agent to the secured noteholders, McCarthy Tétrault for RBC and Stikeman Elliott for the DIP lender.