For further information contact:

 

Kevin Koo

604-608-6248

kkoo@bowragroup.com

 

 

Quinsam Coal Corporation

 

Overview

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.

File Updates

 

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.

 

Sale Procedure

 

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:

 

Investment Teaser / Sale Summary  

 

The contact for the Receiver is: 

 

Gordon Brown 

Phone: 604-689-8939

Email: Quinsam@bowragroup.com

Court Orders

Receivership Order

Sales Procedure Order

Application Materials

Notice of Application – Sale Procedure Approval

Affidavit # 1 of G. Brown (Dec 12, 2019)

Filed Application Response

Service List

Service List – November 19, 2019

 

Vancouver Office: 

PO Box 72, Bentall One

505 Burrard Street, Suite 430

Vancouver, B.C.  V7X 1M3

Tel: 604 689 8939

Fax: 604 689 8584

Edmonton Office: 

TD Tower

Suite 1411 – 10088 102 Avenue

Edmonton, AB T5J 2Z1

Tel: 780 809 1224

Fax: 780 705 1946

 

 
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© The Bowra Group.