Newsco International Energy Services Inc.

NOTICE OF INTENTION TO MAKE A PROPOSAL PROCEEDINGS

On October 20, 2020, Newsco International Energy Services Inc. (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to the Bankruptcy and Insolvency Act (the “BIA”). BDO Canada Limited has been appointed as the trustee (the “Proposal Trustee”) in respect of the restructuring proceedings (the “Proceedings”).

S. 69(1) of the BIA provides the Company certain relief including the imposition of an initial 30-day Stay of Proceedings (the “Stay”) against the Company and its assets. Claims against the Company for payment of goods and services supplied to the Company prior to October 20, 2020 are suspended and creditors are prohibited from continuing or commencing any actions or exercising any rights against the Company except with leave of the Court of Queen's Bench of Alberta (the “Court”).

On November 19, 2020, the Court extended the time in which the Company must file a proposal and the Stay through to December 23, 2020. On December 18, 2020, the Court further extended the deadline to February 1, 2021. On January 22, 2021, the Court further extended the deadline to March 8, 2021. On March 8, 2021, the Court extended the deadline to April 19, 2021.

The NOI and related documents can be found below in the Initial Notification to Creditors package.

Proposal, Meeting of Creditors and Claims Procedure

On April 19, 2021, the Court granted an Order (the “Claims Procedure Order”) directing the administration of a claims procedure.

On May 10, 2021, a meeting of creditors was held at which time the affected creditors voting on the proposal filed by Newsco on April 19, 2021 (the “Proposal”) overwhelmingly approved the Proposal.  An application to the Court will be made on May 26, 2021 at 11:00 a.m. to seek the Court’s approval of the Proposal.

The following documents related to the Proposal were issued to those creditors affected by the Proposal:

Court Filings

Court Orders

Proposal Trustee's Reports

Service Lists


Contact Us

#110, 5800 – 2nd Street SW
Calgary, Alberta T2H 0H2
Jerri Beauchamp – jlbeauchamp@bdo.ca
Phone: 1-825-509-0394

This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our privacy statement for more information on the cookies we use and how to delete or block them.