Asset sale without formal procedure: Greenfire Oil & Gas insolvency part two

By Kyle Kashuba and Jessie Mann ( March 9, 2021, 8:36 AM EST) -- The first article in this series discussed the recent insolvency proceedings of Greenfire Oil and Gas Ltd. and Greenfire Hangingstone Operating Corporation (collectively, Greenfire), and the Alberta Court of Appeal’s revisit and comment in Athabasca Workforce Solutions Inc. v. Greenfire Oil & Gas Ltd. 2021 ABCA 66 upon the steps taken by Greenfire and its trustee under its bankruptcy proposal, Alvarez & Marsal Canada Inc. This included an application before the Court of Queen’s Bench of Alberta seeking the approval of an approval and vesting order (AVO) and the interim financing order and interim financing charge order. On Dec. 17, 2020, Justice D. Blair Nixon approved and granted the orders....
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