For further information contact:
Quinsam Coal Corporation
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 appointment 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 procedure for the solicitation of offers for the sale of the assets, undertakings and property of Quinsam Coal Corporation. A copy of the Sale Procedure Order is below.
The Bowra Group Inc., in its capacity as Receiver and Manager of Quinsam Coal Corporation is seeking offers for the assets, undertakings and property of Quinsam Coal Corporation pursuant to a Sale Procedure Order dated December 20, 2019.
The Receiver has extended the deadline for offers until 11:00 AM local time in Vancouver, BC on May 1, 2020. However, at any time after February 14, 2020 if no parties are at that time deemed to be qualified parties, or if the Receiver determines in its business judgement that the sale procedure should be terminated, the Receiver may, without notice, terminate the sale procedure.
Further information is provided in the document below:
The contact for the Receiver is: