What is CCAA ?
The Companies Creditors Arrangement Act ("CCAA") is a federal statute that allows for the reorganization or restructuring of a company's obligations. The Court supervised proceedings provide a mechanism for teh company to restructure its obligations and/or financing arrangements while continuing operations.
Why did QBR file for CCAA ?
As a result of the cost overruns associated with the A-5 re-entry at the Beaver River Field, QBR was facing significant financial challenges which require immediate action in order to protect and preserve the position of all of its stakeholders including its creditors and shareholder.
For more information on the A-5 re-entry, please see our press release dated April 1, 2004.
Is QBR carrying on business while under CCAA ?
Yes, QBR is conducting operations during the restructuring process. QBR plans to continue its operations at the Beaver River Field in British Columbia. It is QBR's intention that payment for products or services provided subsequent to April 1, 2004 will be made in the normal course. For services provided after April 1, 2004, payments can be made on a C.O.D. basis.
What about the obligations prior to April 1, 2004 ?
Creditors are prohibited from taking action against QBR with respect to obligations incurred on or before April 1, 2004. Management is working on the formulation of a plan of arrangement to present to the creditors of QBR that will be in the best interest of its creditors and other stakeholders. Additional information will be provided in due course once QBR has more fully developed a plan of arrangement.
Where can I obtain additional information ?
Please contact the company or visit the Relevant Documents section of the "Corporate Restructuring".