On October 16, 2020, Delphi Energy Corp. completed a corporate restructuring implemented pursuant to a plan of compromise and arrangement under the Companies’ Creditors Arrangement Act and the Canada Business Corporations Act (the Plan). Under the Plan, among other things, Delphi’s indebtedness was reduced by approximately $176.0 million and Delphi issued a new class of shares to its secured creditors in settlement of amounts owing to them. Delphi emerged debt free with access to over $70 million of capital and liquidity, through a combination of new equity investment and a new $30 million senior secured revolving credit facility issued by ATB Financial.
Delphi Energy Corp. is a junior E&P producer of liquids-rich natural gas. The company primarily holds interests in Montney assets located in the Deep Basin of Northwest Alberta. The company is headquartered in Calgary, Alberta.
Osler, Hoskin & Harcourt LLP advised Delphi Energy Corp. with a team led by Andrea Whyte (Corporate) and including Tracy Sandler, Randal Van de Mosselaer, Emily Paplawski (Insolvency & Restructuring), Shelley Obal, Mary Angela Rowe (Research), Kelsey Armstrong, Lindsay Hofer (Corporate), Janice Buckingham, Storme Mckop (Energy – Oil & Gas), Lorne Carson, Allan Morgan, Luke Stretch (Financial Services), Colena Der (Taxation), Roger Gillott, Jagriti Singh (Construction), Melanie Gaston, Lia Bruschetta (Litigation) and Rob Lando (U.S. Cross Border).