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Valley Power Corp.


Overview

Valley Power Corp. (the “Company”) is a biomass electricity generating station near Drayton Valley, Alberta. The facility is operated by Verdant Energy, and uses wood refuse from the nearby Weyerhaeuser sawmill.

File Updates

On July 20, 2016, the Company filed a Notice of Intention to Make a Proposal (“NOI”) under subsection 50.4 (1) of the Bankruptcy and Insolvency Act.

On August 18, 2016 an application to request an extension for filing a Proposal was filed in the Court of Queen’s Bench of Alberta. Registrar Wacowich ordered the time for filing of a Proposal by the Company be extended from August 19, 2016 to October 2, 2016.

On September 27, 2016 an application to request an extension for filing a Proposal was filed in the Court of Queen’s Bench of Alberta. Registrar Schlosser ordered the time for filing a Proposal by the Company be extended from October 2, 2016 to November 16, 2016.

On November 15, 2016 an application to request an extension for filing a Proposal was filed in the Court of Queen’s Bench of Alberta. Registrar Smart ordered the time for filing a Proposal by the Company be extended from November 16, 2016 to November 24, 2016.

On November 24, 2016 an application to request an extension for filing a Proposal was filed in the Court of Queen’s Bench of Alberta. Registrar Schulz ordered the time for filing a Proposal by the Company be extended from November 24, 2016 to January 7, 2017.

On December 16, 2016 an application to request an extension for filing a Proposal was filed in the Court of Queen’s Bench of Alberta. Registrar Smart ordered the time for filing a Proposal by the Company be extended from January 7, 2017 to January 20, 2017.

On November 19, 2021, the Company will be seeking an Order vesting title and approving the sale of the Company’s remaining assets to Metalnecks Salvage Ltd.

On November 19, 2021 an Order was granted by the Court of Queen’s Bench of Alberta approving the sale and vesting title of the Company’s remaining assets, as defined in the Purchase and Sale Agreement, to Metalnecks Salvage Ltd. The sale completed on November 24, 2021.

On February 9, 2017 the Company’s Proposal was approved by it’s creditors. The Company will be seeking Court Approval of the Proposal on Wednesday, March 8, 2017 2:00pm MT at the Edmonton Law Courts, Edmonton, Alberta, Canada. Further details, including the Application Materials, are posted below.

On July 27, 2017 the Company obtained an Order of the Court of Queen’s Bench of Alberta approving a second meeting of creditors to be held on August 14, 2017 at 2:00pm at the offices of The Bowra Group Inc. 519 -10235 101 Street, Edmonton, AB, to present and vote on an amended proposal. The Order also approved a claims bar date requiring any creditor who has not filed a Proof of Claim with the Proposal Trustee to do so by August 28, 2017 or their claim shall be barred.

On March 20, 2017, the Proposal obtained Court Approval.

On September 8, 2017 the Company obtained an Order of the Court of Queen’s Bench of Alberta ordering that the claims arising from the Builder’s Liens and by the Builder’s Lien Claimants, as defined in the Proposal, are excluded and exempted from the claims bar process set forth in the Order of July 27, 2017. As such, the Proposal Trustee is not required to approved or disallow any Proof of Claims filed by the Builder’s Lien Claimants with respect to the Builder’s Liens.

On November 19, 2021, the Company will be seeking an Order vesting title and approving the sale of the Company’s remaining assets to Metalnecks Salvage Ltd.

The Proposal was deemed fully performed on December 17, 2021 and the below Certificate of Full Performance was issued to the Company.

Files

File Updates

Court Orders

Application Materials