Griffon Partners Operation Corp. et al., Alberta companies focused on the exploration and development of light oil and natural gas liquids in the Viking formation in western Saskatchewan and eastern Alberta, had their NOI proceedings continued under the CCAA on February 7.
The companies initially filed NOIs on August 25, 2023 when significant cost overruns in a drilling program and severely constrained commodity production volumes left them unable to meet their obligations to their lenders, Trafigura and Signal Alpha C4.
A SISP was conducted in the NOI proceedings and the transaction agent is reviewing bids to select the successful bidder.
The companies and A&M as proposal trustee were concerned that it would not be possible to close any sale before the NOI proceedings expire on February 24, and the continuation under the CCAA was sought to allow the companies to close the SISP and conclude their insolvency proceedings.
A&M is the monitor.
Counsel is Osler for the companies, Torys for the monitor, Stikeman Elliott for Trafigura, Signal Alpha C4 and Tamarack Valley Energy, McLeod Law for 2437801 Alberta and 2437799 Alberta, Norton Rose Fulbright for Harvest Operations and Steel Reef Infrastructure, Cassels for GLAS USA and Gregory Law Office for certain municipalities.
By: Dina Milivojevic
