CALGARY, Alberta – Delphi Energy Corp. (“Delphi” or the “Company”) announces that Delphi has obtained orders from the Court of Queen’s Bench of Alberta (the “Court”) today in connection with its restructuring efforts under the Companies’ Creditors Arrangement Act (the “CCAA”) and its previously announced proposed plan of arrangement and compromise (the “Plan”) under the CCAA. Copies of these orders are available on the monitor’s website at http://www.pwc.com/ca/delphi.
Pursuant to an order of the Court, virtual meetings (the “Meetings”) of beneficial holders of the Company’s senior secured notes due 2023 (“Second Lien Notes”) and General Unsecured Creditors (as such term is defined in the Plan) are scheduled to be held on September 9, 2020 at 9:30 a.m. and 9:45 a.m. (Calgary time), respectively. The record date for beneficial holders of Second Lien Notes entitled to vote at such Meetings, as applicable, has been set at 5:00 p.m. (Calgary time) on July 17, 2020.
Additional information with respect to the Plan and the Meetings, including instructions on how to vote at the Meetings, will be set forth in an information circular and proxy statement (the “Information Circular”), which is expected to be mailed or otherwise made available in late July to early August 2020 to beneficial holders of Second Lien Notes and General Unsecured Creditors. A copy of the Information Circular will also be made available on SEDAR under the Company’s profile.
The implementation of the Plan is conditional upon, among other things the approval by the required majorities of each class of creditors at the Meetings and, if the Plan is approved at the Meetings, an order of the Court sanctioning the Plan under the CCAA.
Delphi also obtained an order today extending the time by which the Company must hold its next annual meeting of shareholders to no later than December 31, 2020.
Delphi and certain of its subsidiaries were granted an initial order and protection under the CCAA on April 14, 2020. PricewaterhouseCoopers Inc. has been appointed by the Court as monitor in the CCAA proceedings. Materials publicly filed in the CCAA proceedings, including copies of the initial order of the Court, are available on the monitor’s website at http://www.pwc.com/ca/delphi. Delphi will continue to provide updates regarding its restructuring as developments warrant.
About Delphi Energy Corp.
Delphi Energy Corp. is a junior E&P producer of liquids-rich natural gas. The Company has achieved top decile operational results through the development of its high quality Montney property, uniquely positioned in the deep basin of northwest Alberta. Delphi continues to improve its operational efficiencies through the development of its dominant land position at Bigstone. Delphi is headquartered in Calgary, Alberta.