The Douglas Channel The Douglas Channel is still going before the courts but it looks like Alta Gas has bought the company but not before December 15, 2014.
I think (IMHO) it maybe a tight time table to get this up and running what with all the other companies that want to build LNG plants out there on the west coast.
let’s hope that Alta Gas can get done on time and on budget.
Good luck Ata Gas
34. If the Stay is extended by the Court, the Stakeholders will try to adhere to the following
general timetable:
(a) November 21, 2014 – all Transaction Agreements will be completed, reviewed,
executed and placed into Escrow and the Douglas Channel Project will have received
approval by Haisla Band Council;
(b) November 24, 2014 – Mailing of Creditor Notices;
(c) December 4, 2014 – Creditor Meetings; and
(d) December 5, 2014 – Sanction Hearing.
47. The Monitor concludes that:
(a) The Affected Parties and all Stakeholders continue to act in good faith and with due
diligence during this CCAA proceeding;
(b) The Monitor’s view is that sufficient progress has been made since October 17, 2014
and that there is a good prospect of a successful Plan of Arrangement; and
(c) The Plan of Arrangement, as filed, represents a fair and reasonable outcome for the
Stakeholders, at this time.
48. The Monitor recommends that the Court approve the application on behalf of 1015848 B.C.
Ltd. for:
(a) An extension of the stay of proceedings to December 15, 2014;
(b) Approval of the Plan of Arrangement, as filed; and
(c) Approval of the Meetings Order, as filed.
Douglas Channel LNG et al.
Monitor's Sixteenth Report
Grant Thornton Limited
October 27, 2014
Page 20
Respectfully submitted,
GRANT THORNTON LIMITED
Monitor of the Affected Parties under the
Companies’ Creditors Arrangement Act
Per:
Guy Odhams