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Quicksilver Resources Canada Inc. - Status Updates

December 15, 2016

On December 15, 2015 the Applicants sought and were granted an order sanctioning their plan of compromise and arrangement as approved by the required majority of Affected Creditors at the Creditor's Meeting held December 13, 2016.


November 17, 2016

On November 17, 2016 the Applicants sought and were granted various Orders which provided, among other things, the following relief;
(1) approval for an extension to the stay of proceedings to February 28, 2018,
(2) approval of a settlement agreement with the group of Represented Employees,
(3) Approval of a Meeting Order to hold a meeting of creditors to consider and vote on the Applicants proposed plan of compromise and arrangement ("Plan"), to be held December 13, 2016.


August 15, 2016

On August 15, 2016 the Applicants sought and were granted an Order extending the stay of proceedings up to and including September 30, 2016.


June 28, 2016

On June 28, 2016 the Applicants sought and were granted two Orders authorizing, among other things; Makarios Midstream Inc., a subsidiary of QRCI, to be assigned into bankruptcy, QRCI to transfer certain oil and gas facility and pipeline licenses, the claims bar date for the Fortune Creek Gathering and Processing Partnership to be extended to August 5, 2016, a group of employees ("Represented Group") who did not receive employment from CPC Resources to be represented by Miles Davidson LLP and the claims bar date for the Represented Group be extended to August 5, 2016.


May 26, 2016

On May 26, 2016 the Applicants sought and were granted an order approving claims procedures to allow the Applicants’ creditors to submit claims against the Applicants and for the nature, quantum, validity and enforceability of such claims to be reviewed. Instructions for creditors with respect to the Claims Procedures including a proof of claim form can be found in the “Claims Procedures” section on the menu to the left. Also at the May 26, 2016 application an Order was granted extending the stay of proceedings to August 5, 2016.


April 26, 2016

On April 22, 2016 the Applicants sought and obtained an order for the approval and vesting of two sales. The first sale was for all of QRCI’s oil and gas assets located in British Columbia known as the Horn River Assets. The second sale was for the Applicants Campbell River Property. The sale approval and vesting order also allowed the Applicants’ right, title and interest in and to the Horn River Assets and the Campbell River Property to vest in the purchaser, free and clear of all interests, liens, charges and encumbrances, other than permitted encumbrances. At the April 22, 2016 application the Applicants also sought and were granted an order authorizing the distribution of the net proceeds from the sale of the assets to their senior secured lender to a maximum of the debt owing to the senior secured lender and an order allowing certain commercially sensitive information related to the sales price of the assets to be sealed until the sales close. See a copy of the April 22, 2016 orders in the “Court Orders” section to the left for additional details with respect to the relief granted.


April 5, 2016

On April 5, 2016 the Applicants sought and obtained an order extending the stay of proceedings to June 2, 2016 and authorizing the Applicants, upon closing, to distribute the net sales proceeds from the previously approved Horseshoe Canyon Asset sale to its Senior Secured Lender up to a maximum amount of the debt owing to the Senior Secured Lender.


March 29, 2016

On March 29, 2016 QRCI brought an application seeking a sale approval and vesting order which among other things, approved the sale of all of its oil and gas assets located in Alberta, these assets are referred to as the Horseshoe Canyon Assets. The sale approval and vesting order also allowed QRCI’s right, title and interest in and to the Horseshoe Canyon Assets to vest in the purchaser, free and clear of all interests, liens, charges and encumbrances, other than permitted encumbrances. See a copy of the March 29, 2016 sale approval and vesting order in the “Court Orders” section to the left for additional details with respect to the relief granted.


March 8, 2016

On March 8, 2016, Quicksilver Resources Canada Inc., 0942065 B.C. Ltd. and 0942069 B.C. Ltd. (collectively, "QRCI" or the “Applicants”), obtained an Initial Order (the "Initial Order") under the Companies' Creditors Arrangement Act (the "CCAA"). The Applicants sought and were granted the stay of proceedings and other relief provided under the CCAA. Pursuant to the Initial Order, FTI Consulting ("FTI" or the "Monitor") has been appointed Monitor.


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