Triple J Pipelines (2019) Inc. et al

Status Updates

NOI Proceedings

On May 24, 2024, Triple J Pipelines (2019) Inc. (“Triple J 2019” or the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”), and B. Riley Farber Inc. (“B. Riley Farber”) was appointed as proposal trustee in the Company’s NOI proceedings (in such capacity, the “Proposal Trustee”).

On May 29, 2024, related entities 2142746 Alberta Ltd. (“2142746”), Triple J Pipeline GP Inc. (“Triple J GP”), and Triple J Pipeline Limited Partnership (“Triple J LP”) (together with Triple J 2019, the “Companies”) also filed NOIs under Section 50.4 of the BIA, and B. Riley Farber was also appointed as Proposal Trustee in these NOI proceedings.

On June 18, 2024, the Proposal Trustee brought a first Motion to the Court of King’s Bench of Alberta (the “Court”) for an Order which, among other things, approved the following items:
– The procedural consolidation of the NOI proceedings; and
– Extending the time the Companies are required to file a proposal to August 7, 2024.

On June 18, 2024, the Proposal Trustee brought a second Motion to the Court for a sale process approval order, which among other things:
– Approved a sale and solicitation process to solicit interest in and opportunities for the purchase of all or part of the business, operations, or property of the Companies; and
– Authorized and directed the Companies and the Proposal Trustee, as applicable, to carry out same.

On July 26, 2024, the Proposal Trustee brought a Motion to the Court for an Order which, among other things, approved the following items:
– The Claims Procedure and Assignment Agreement dated July 16, 2024 (the “CPAA”) between Enbridge Employee Services Canada Inc., Triple J 2019 and the Proposal Trustee, and the negative claims procedure contemplated and described therein; and
– Extending the time the Companies are required to file a proposal to September 21, 2024.

On September 17, 2024, the Proposal Trustee brought a Motion to the Court for an Order which approved extending the time the Companies are required to file a proposal to November 1, 2024.

On October 16, 2024, Accord Financial Canada Corp. (“Accord”) brought a Motion to the Court which sought the lifting of the stay of proceedings in the Company’s NOI Proceedings to seek an order appointing B. Riley Farber Inc. as Receiver over the right, title and interest of Triple J 2019 in the Equipment (as defined below) for the purpose of the Receiver entering into and performing the Auction Agreement (as defined below).

Additionally, on October 16, 2024, the Proposal Trustee brought a Motion to the Court for Orders which, among other things, approved the following items:
– A contract of auction dated October 16, 2024 (the “Auction Agreement“) among the Receiver, Ritchie Bros. Auctioneers (Canada) Ltd. (“Ritchie Bros.“) and Accord, providing for the auction and sale of certain equipment owned by Triple J 2019 (the “Equipment“) and approval of the sale of the Equipment in accordance with the terms of the Auction Agreement;
– An interim distribution by the Receiver to Accord, the granting of a charge in favour of Ritchie Bros. and an extension of time for the Companies to file a proposal to November 22, 2024;
– A payment procedure in respect of payments to sub-trades for accounts payable in respect of the project undertaken by Triple J 2019 for Petronas Energy Canada Ltd.; and
– The sealing of the unredacted Auction Agreement and the Confidential Appendix attached to the Proposal Trustee’s fourth report to Court.

Sales Process

The Companies, with the assistance of the Proposal Trustee, are undertaking a court-supervised sales process. For further information, please contact James Sacoransky at [email protected].

Claims Procedure

On July 26, 2024, the Court approved the CPAA which, among other things, authorized the Proposal Trustee to administer this negative claims procedure contemplated and described therein.

A copy of the CPAA, all above mentioned court orders and other relevant documents are posted below.

Bankruptcy

The Companies failed to file Proposals with the Proposal Trustee on or before November 22, 2024, resulting in the Companies being deemed to have made assignments in bankruptcy on November 23, 2024. The Proposal Trustee was appointed as Trustee (the “Trustee“) of the Estates of the Bankrupts by the Official Receiver, subject to affirmation by the creditors of the Trustee’s appointment.

The First Meetings of Creditors are scheduled to be held via ZOOM videoconference on December 13, 2024. Please see below for details:

Triple J Pipelines (2019) Inc.
Dec 13, 2024 10:00 AM Mountain Time (US and Canada)
Meeting ID: 953 7303 3043
Passcode: Registration required (click here to register)

2142746 Alberta Ltd.
Dec 13, 2024 11:00 AM Mountain Time (US and Canada)
Meeting ID: 919 5175 9394
Passcode: 690697
Link: https://zoom.us/j/91951759394?pwd=XwviYMMoDJk4SU3Ce8K2XMIBcMhZj9.1

Triple J Pipeline Limited Partnership
Dec 13, 2024 11:30 AM Mountain Time (US and Canada)
Meeting ID: 977 8056 4399
Passcode: 410605
Link: https://zoom.us/j/97780564399?pwd=OgoGaBj5cIbZkcNEXME09PrWoANtIW.1

Triple J Pipeline GP Inc.
Dec 13, 2024 12:00 PM Mountain Time (US and Canada)
Meeting ID: 973 5728 6668
Passcode: 147535
Link: https://zoom.us/j/97357286668?pwd=XpEJS3IpyJU5b4bNpAAIIeSIgfbcLa.1

To participate at these meetings, you are required to file a Proof of Claim with the Trustee prior to the time called for the meeting.

Links to relevant documents can be found below.