RECEIVERSHIP - ASSET SALES PROCESS

·2 min read

BIG BEAR ENERGY RENTALS LTD. and BARRICADE ENVIRONMENTAL LTD.

CALGARY, AB, May 18, 2022 /CNW/ - On January 21, 2022, the Court of Queen's Bench of Alberta (the "Court") granted an order (the "Interim Receivership Order") pursuant to section 47(1) of the Bankruptcy and Insolvency Act ("BIA"), RSC 1985, c B-3, s.13(2) of the Judicature Act ("JA"), RSA 2000, c J-2, and s.242(3) of the Business Corporations Act, RSA 2000, c B-9 ("ABCA"), whereby Alvarez & Marsal Canada Inc., was appointed interim receiver (the "Interim Receiver") of Big Bear Energy Rentals Ltd. ("Big Bear"), Barricade Environmental Ltd. ("Barricade") and other related entities (collectively, the "Company"). On February 4, 2022, the Court granted an Enhanced Interim Receivership and Receivership order (the "Enhanced Powers Order") and effective February 9, 2022, appointed the Interim Receiver as receiver (the "Receiver") of the Company pursuant to sections 243(1) of the BIA, 13(2) of the JA, 99(a) of the ABCA and 65(7) of the Personal Property Security Act, RSA 2000, c P-7.

Alvarez & Marsal Canada Inc. (CNW Group/Alvarez & Marsal Canada ULC)
Alvarez & Marsal Canada Inc. (CNW Group/Alvarez & Marsal Canada ULC)

Big Bear and Barricade are businesses with assets used to provide fluid management, emergency response, H2S and flow back treatment services to the oil & gas and civil engineering industries. Big Bear's assets are located in one secured facility at Sylvan Lake, Alberta, Canada, while Barricade's assets are located and secured in (i) Cheyenne, Wyoming, U.S.A.; and (ii) Williston, North Dakota, U.S.A.

On May 4, 2022, the Court granted a sales process order ("SP Order") allowing the Receiver to solicit bids from qualified interested parties on Big Bear and Barricade's inventory and equipment, which include but are not limited to: (i) Trucks; (ii) Trailers; (iii) Light & Heavy Equipment; and (iv) Fluid Management Equipment (the "Assets"). The Receiver is conducting this court-approved sales process (the "Sale Process") in accordance with the procedures included in the SP Order posted on the Receiver's website: www.alvarezandmarsal.com/bigbear.

Interested parties who wish to pursue a potential acquisition of the Assets are required to execute a Confidentiality Agreement to receive access to the Big Bear and/or Barricade's Asset listing and inspect the Assets. Please contact a representative of the Receiver listed below for further information.

Qualified Bidders may schedule appointments with the Receiver to inspect the Assets between May 6 and 26, 2022, in Canada and/or the United States.

All bids are due and must be submitted to the Receiver by no later than 12:00pm MT on May 27, 2022 (Bid Deadline).

Cision
Cision

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SOURCE Alvarez & Marsal Canada ULC

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Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/18/c6604.html

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