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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
- 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...
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 ...
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...
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 ...
Jun 22, 2021 · CALGARY, Alberta – 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 “Purchased Shares”), which ...
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Jun 23, 2022 · June 23, 2022. CALGARY, AB – Bellatrix Exploration Ltd. (“ Bellatrix ” or the “ Company “) announces a transaction (the “ Transaction “) pursuant to which, among other things, Spartan Delta Corp . (the “ Purchaser “) will acquire 1,000 new common shares issued by Bellatrix (the “ Purchased Shares “) for an aggregate ...
