The applicant, Dundee Oil & Gas Limited, sought approval for the sale of substantially all its assets and the assignment of associated executory contracts under s. 11.3 of the CCAA.
The court initially adjourned the matter to require further evidence regarding the purchaser's financial stability and ability to manage environmental remediation obligations.
After reviewing supplementary evidence, including cash flow forecasts and the purchaser's operational plans, the court was satisfied that the purchaser would be able to perform the obligations.
The court approved the transaction and the assignment of the contracts.
