Examples of SemCanada Energy in a sentence
Consequently, SemGroup’s Canadian affiliates and subsidiaries (a group comprised of SemCanada Crude Company, SemCAMS ULC, SemCanada Energy Company, A.E. Sharp Ltd., CEG Energy Options Inc., 3191278 Nova Scotia Company, and 1380331 Alberta ULC (the SemCanada Group)) were all subject to various insolvency proceedings in the summer of 2008.
CEG was a Western Canada marketer of natural gas wholly owned by SemCanada Energy Company, both of which filed for creditor protection under the Companies’ Creditors Arrangement Act on July 30, 2008.
On July 22, 2008, SemGroup LP filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code and two of SemGroup LP's Canadian subsidiaries, SemCanada Energy Company and SemCanada Crude Company (collectively "SemCanada"), filed for creditor protection in Canada.
The CCAA Plans seek to provide a fair and reasonable compromise between each of SemCAMS, SemCanada Crude and the SemCanada Energy Companies and their respective stakeholders.
Given that the SemCanada Energy Companies are effectively being liquidated and wound up, the Energy Distribution Plan offers a lower estimated recovery to Ordinary Creditors than the CAMS and Crude Plans reflecting the fact that the SemCanada Energy Companies have no going concern value.
As SemEnergy Group has ceased operations, the SemCanada Energy Companies are proposing a plan that will allow for the orderly liquidation and distribution of its remaining assets (primarily cash and accounts receivable) to its creditors.
The 2010 Supporting People strategy identified a series of overarching key commissioning priorities .
Upon the Effective Date and in consideration of the Distributions to be made hereunder, except as otherwise expressly provided herein, the Debtors shall be discharged of all Claims, Equity Interests, rights, and liabilities that arose prior to the Effective Date, to the fullest extent permitted by section 1141 of the Bankruptcy Code, other than the SemCanada Energy Claim.
See paragraphs 10 to 25 of the Affidavit referred to above.2. The Applicant’s Parent is owed 23 million CDN$ by SemCanada Energy Company, that was due and payable July 25, 2008, but that became subject to an Order of the Alberta Court of Queen’s Bench3 that it not be paid pending further order of the Court.The Applicant and the Applicant’s Parent have been and continue to be financially viable.
As SemCanada Energy Companies has ceased operations, the benefit to the SemCanada Energy Companies and the Secured Lenders of restructuring under the CCAA versus liquidating these entities under the BIA is minimal; however, for the purposes of the SemGroup POR, CAMS Plan and the SemCanada Crude Plan, the Energy Distribution Plan offers an administratively convenient and orderly mechanism to wind up the affairs of the SemCanada Energy Companies.