Delphi Energy Corp.’s Restructuring


Osler, Hoskin & Harcourt LLP advised Delphi Energy Corp. on the transaction.

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 (Picture – 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).

Involved fees earner: Kelsey Armstrong – Osler Hoskin & Harcourt; Lia Bruschetta – Osler Hoskin & Harcourt; Janice Buckingham – Osler Hoskin & Harcourt; Lorne Carson – Osler Hoskin & Harcourt; Colena Der – Osler Hoskin & Harcourt; Melanie Gaston – Osler Hoskin & Harcourt; Roger Gillott – Osler Hoskin & Harcourt; Lindsay Hofer – Osler Hoskin & Harcourt; Storme Mckop – Osler Hoskin & Harcourt; Allan Morgan – Osler Hoskin & Harcourt; Shelley Obal – Osler Hoskin & Harcourt; Emily Paplawski – Osler Hoskin & Harcourt; Mary Angela Rowe – Osler Hoskin & Harcourt; Tracy Sandler – Osler Hoskin & Harcourt; Jagriti Singh – Osler Hoskin & Harcourt; Luke Stretch – Osler Hoskin & Harcourt; Randal Van de Mosselaer – Osler Hoskin & Harcourt; Andrea Whyte – Osler Hoskin & Harcourt;

Law Firms: Osler Hoskin & Harcourt;

Clients: Delphi Energy Corp. ;

Author: Ambrogio Visconti