Argent Energy Trust enters cross-border restructuring proceedings
May 16, 2016
212.00 Million CAD
On February 17, 2016, Argent Energy Trust ("Trust") announced that it and its direct and indirect subsidiaries, Argent Energy (Canada) Holdings Inc. and Argent Energy (U.S.) Holdings Inc. (collectively, the "Applicants"), obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) pursuant to an initial order granted by the Court of Queen's Bench of Alberta. The Court appointed FTI Consulting Canada Ltd. ("FTI") as the monitor of each of the Applicants. On March 10, 2016 the U.S. Bankruptcy Court approved an order recognizing the CCAA as the foreign main proceedings under the Chapter 15 of the US Bankruptcy Code This matter involved the completion of a disposition of the Applicants' oil and gas assets and a distribution of proceeds to their senior secured lending syndicate. The transaction was approved by courts in both Canada and the United States over the objection of the ad hoc committee of unsecured noteholders.
The Trust was an energy trust created to provide investors with oil & natural gas focused distribution-producing investments.
FTI is an independent global business advisory firm.
McCarthy Tétrault LLP advised FTI with a team led by Sean Collins (Bankruptcy and Restructuring) that included Walker MacLeod (Bankruptcy and Restructuring) and Pantelis Kyriakakis (Bankruptcy and Restructuring).