On March 25, 2022, the Alberta Court of Appeal issued its decision in PricewaterhouseCoopers Inc v Perpetual Energy Inc, 2022 ABCA 111. Briefly, the Court held that abandonment and.
On January 25, 2021, the Alberta Court of Appeal (the ABCA)
released its reasons in
PricewaterhouseCoopers Inc. v Perpetual
Energy Inc., 2021 ABCA 16 (
Perpetual Energy). While
the issue before the ABCA was of a preliminary nature
namely whether the claims of the trustee in bankruptcy (the
Trustee) should be summarily dismissed or struck as not disclosing
a cause of action the legal principles considered by the
ABCA extend far beyond the immediate parties and include broader
questions around the nature and role of abandonment and reclamation
obligations (AROs) after bankruptcy, the scope of a trustee in
bankruptcy s duties to third parties, the duties of a director
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CALGARY, AB, Dec. 15, 2020 /CNW/ - (TSX: PMT) –
Perpetual Energy Inc. ( Perpetual or the Company ) announced today that, in furtherance of its strategic priority of improving the Company s balance sheet and liquidity, it proposes to exchange its outstanding 8.75% senior unsecured notes due January 23, 2022 (the Notes ) for new 8.75% secured third-lien notes due January 23, 2025 (the New Notes ) pursuant to a Court-approved plan of arrangement (the Note Exchange Arrangement ).
The New Notes will be issued under a new trust indenture that will contain substantially the same terms as the Notes other than the New Notes will be secured on a third-lien basis subordinate to the Company s senior indebtedness and allow for semi-annual interest payments to be paid either in cash, in additional New Notes (a PIK Interest Payment ), or a combination thereof, at the Company s election.