Quinsam Coal Corporation (the “Company”) operates the Quinsam coal mine located in Campbell River, B.C. The Company has operated the Quinsam coal mine since 1988.
In 2016 the Quinsam coal mine was put into care and maintenance due to weak market demand for thermal coal. In 2017 the Company was acquired by new ownership and operations restarted at the mine.
After restarting operations, the Company experienced operational issues and cost overruns resulting in higher than anticipated productions cost, reduced profitability and liquidity issues.
The Company was unable to find additional sources of capital to continue operations and ceased operations at the mine in June 2019.
On July 3, 2019 the Company made an assignment into bankruptcy and PricewaterhouseCoopers Inc. was appointed as the Trustee.
On September 20, 2019 The Bowra Group Inc. was appointed as Receiver and Manager of all of the assets, undertakings and property of Company.
On December 20, 2019, the Supreme Court of British Columbia made an order approving the sale process for the solicitation of offers for the sale of the assets, undertakings and property of Quinsam Coal Corporation.
Effective November 17, 2021 the Receiver closed the sales process for the assets undertaking and properties of Quinsam Coal Corporation.
On December 1, 2021 the Supreme Court of British Columbia made orders approving the following:
Receiver’s borrowings;
The Receiver and it’s legal counsels fees and disbursements; and
A settlement agreement between the Province of British Columbia and Enceco Inc.
Copies of the orders are available under Court Orders.