Griffon Partners Operations Corp. et al., NOI
Griffon Partners Operations 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, filed NOIs on August 25, 2023. As the result of: (a) significant cost overruns in a drilling program caused largely by unprecedented weather conditions in November 2022 and global supply chain issues; (b) severely constrained commodity production volumes caused by a failed drilling program and shut-in production volumes; and (c) certain other issues encountered by the Griffon entities in late 2022 and 2023, the companies have been unable to meet their obligations to their lenders, Trafigura Canada Limited and Signal Alpha C4 Limited. A&M is the proposal trustee. Osler is counsel to Griffon Partners, Torys is counsel to the proposal trustee, and Stikeman Elliott is counsel to the lender.
By: Dina Milivojevic