Archives: Liability Management Rating

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Court of Appeal upholds Redwater decision

In a majority two to one decision released on April 24, 2017, the Alberta Court of Appeal has upheld the lower court ruling in Re Redwater Energy Corporation.  The trial decision in Redwater, which settled a lengthy conflict between the Alberta Energy Regulator and insolvency professionals on the proper interpretation of section 14.06 of the Bankruptcy … Continue Reading

Alberta Energy Regulator’s interpretation of Redwater decision rejected

The long-running conflict between insolvency professionals and the Alberta Energy Regulator (AER) that was clarified by the Court of Queen’s Bench of Alberta decision in Redwater Energy Corp. was  previously analyzed in a blog post here.  The decision in Redwater confirmed that a receiver is entitled to disclaim a debtor’s interest in a portion of the debtor’s … Continue Reading

Pick and Choose: Federal insolvency law takes precedence over Provincial legislative scheme governing the Alberta Energy Regulator

On May 18, 2016, the Court of Queen’s Bench of Alberta released its much anticipated decision in Re Redwater Energy Corporation, 2016 ABQB 278, which addressed the Oil and Gas Conservation Act (OGCA), the Pipeline Act and the Bankruptcy and Insolvency Act (BIA).  The long running conflict involving the Alberta Energy Regulator (AER), receivers and … Continue Reading

Spyglass agreement presents consensual solution to LMR challenges

The Liability Management Rating (LMR) program administered by the Alberta Energy Regulator (AER) has created challenges for companies seeking to dispose of oil and gas assets and has resulted in litigation in a recent receivership matter (Alberta Treasury Branches v. Redwater Energy Corp., a decision which is discussed here and here).  In National Bank of Canada v. Spyglass … Continue Reading
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