Restructuring Challenges in the Oil and Gas Sector: The Treatment of Regulatory Orders Post-Redwater
AbstractCompanies within the Alberta energy sector are currently unable to satisfy amounts outstanding to their creditors and at the same time fulfill their environmental responsibilities, culminating in a fight over whether provincial or federal statutes have priority when it comes to the environmental obligations of insolvent oil and gas companies. This article identifies recent legal developments relevant to corporate restructurings in the Alberta energy sector, examining the Alberta Energy Regulator’s treatment of exploration and production companies, the licensee liability rating program, and the practical challenges that Alberta Energy Regulator’s licensees and creditors face in the current economic and regulatory climate. Finally, this article analyzes options for facilitating the sale of licenced assets.
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