Date Closed

December 29, 2016

Lead Office

Calgary

Value

1.39 Billion CAD

On September 19, 2016, Lightstream Resources Limited ("Lightstream") announced that it intended to initiate proceedings under the Companies' Creditors Arrangement Act and sought an initial order under the Act for the purposes of implementing a sale transaction by way of a credit bid by certain holders of Lightstream's 9.875% second lien secured notes due 2019 ("Secured Noteholders"). On September 26, 2016, Lightstream obtained an initial order from the Court of Queen's Bench of Alberta in terms of which FTI Consulting Canada Inc. ("FTI") was appointed as the monitor. On December 29, 2016, Lightstream completed the sale of substantially all of its assets and business to Ridgeback Resources Inc. ("Ridgeback"). The sale transaction was completed by way of a credit-bid made by the Secured Noteholders and included the refinancing of the debtors C$355 million senior secured credit facilities.

Lightstream is formerly an oil and gas exploration and production company focused on light oil in the Bakken and Cardium resource plays. Ridgeback is a new private company, owned by the Secured Noteholders, which now owns and operates the former assets and business of Lightstream.

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), Pantelis Kyriakakis (Bankruptcy and Restructuring), Craig Spurn (Energy) and Kristen Haines (Energy).