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Jun 22, 2021 · CALGARY, Alberta, June 22, 2021 (GLOBE NEWSWIRE) — Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) announces a transaction (the “Transaction”) pursuant to which 1184262 B.C. Ltd. (the “Purchaser”), an affiliate of Hillcore Group Ltd. (“Hillcore”), will acquire 33,433,255 new common shares issued by Bellatrix (the ...
The Alberta Court of Appeal recently released a decision in Bellatrix Exploration Ltd.’s (“Bellatrix”) proceedings under the Companies’ Creditors Arrangement Act (“CCAA”), in which the Court dismissed Bellatrix’s appeal of the lower court’s decision that certain agreements (the “Contract”) between Bellatrix and BP Canada Energy
Jun 22, 2021 · Bellatrix Announces Court-Approved Transaction. CALGARY, Alberta, June 22, 2021 (GLOBE NEWSWIRE) — Bellatrix Exploration Ltd. (“ Bellatrix ” or the “ Company ”) announces a transaction (the “ Transaction ”) pursuant to which 1184262 B.C. Ltd. (the “ Purchaser ”), an affiliate of Hillcore Group Ltd. (“ Hillcore ”), will ...
- Background
- The Court’S Decision
- Implications
The proposed appeal arose out of a decision rendered by Madam Justice Romaine in respect of the obligation of the debtor, Bellatrix, to continue to perform an EFC during the course of its CCAA proceedings.3 In that decision, Justice Romaine found that subsection 34(7) of the CCAA, which excludes EFCs from the debtor’s powers of disclaimer, does not...
The Court of Appeal’s decision sets out a principled framework for considering leave applications in the context of the CCAA. Underlying the Court’s analysis is the purpose of the CCAA and the role of the supervising insolvency judge. The CCAA has an overall remedial objective to address and mitigate the potential catastrophic effects of insolvency...
Although the Court’s framework of analysis is not novel, this decision provides an important reminder to ground reviews of insolvency decisions on the objectives of the applicable insolvency statute. Due to the often-complex commercial considerations and stakeholder interests involved in insolvency matters, the supervising insolvency judge is confe...
Feb 10, 2021 · In connection with the CCAA proceedings of Bellatrix Exploration Ltd., the Alberta Court of Queen’s Bench had two opportunities to consider the treatment of eligible financial contracts (EFCs) under Canadian insolvency laws.
Jun 23, 2022 · The Transaction is the result of Bellatrix's efforts to maximize additional value for the benefit of its stakeholders, following the sale transaction completed by Bellatrix in June 2020...
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CALGARY, Alberta, June 15, 2020 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") announced that it had completed the sale of substantially all of its assets pursuant to Bellatrix’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA Proceedings”).
