FTI Consulting, Inc. / Energold Drilling

On September 13, 2019 Energold Drilling Corp., Cros-Man Direct Underground Ltd. Bertram Drilling Corp., EGD Services Ltd. and Omniterra International Drilling Inc. (collectively, the "Applicants") sought and obtained an initial order (the "Initial Order") from the Supreme Court of British Columbia (the "Court") under the Companies' Creditors Arrangement Act R.S.C. 1985, c. C-36, as amended ("CCAA"). The Initial Order provides for, among other things, a stay of proceedings until October 11, 2019 (the "Stay of Proceedings") which has since been extended to April 3, 2020. Pursuant to the Initial Order FTI Consulting Canada Inc. was appointed monitor (the "Monitor") of the Applicants.

On December 19, 2019, the Court granted a meeting order authorizing the Monitor to call and conduct a Noteholders' meeting on January 13, 2020 for the purposes of considering and voting on a resolution to approve the Plan of Compromise and Arrangement.

On January 13, 2020, counsel to Extract Advisors LLC, as agent to the Noteholders, ("Extract") served an Amended Plan of Compromise and Arrangement (the "Amended Plan"). Later that day, the meeting of Noteholders was held during which the requisite approval for the Amended Plan, both in dollar value of claims and number of votes, was obtained.

On January 17, 2020, the Court granted an order sanctioning the Plan and four additional orders which vested the shares and assets in the applicable acquiring entities pursuant to the Amended Plan.

On February 5, 2020, a final vesting order was granted with respect to certain residual assets of the Applicants

The transactions contemplated by the Amended Plan closed on March 31, 2020 and on April 2, 2020, the Monitor filed its certificate certifying that the conditions precedent set out in the Amended Plan had been satisfied or waived.

For additional information please contact the Monitor's hotline:
Phone: 604-484-9537
Email: Energold.Drilling@fticonsulting.com