RE:RE:RE:RE:RE:RE:RE:RE:News releaseThere are two types of bankruptcy in Canada (I'm simplifying this a bit). CCAA and BIA, CCAA involves basically a change of control to the creditors for the company (all dependent on the plan of arrangement, it could also involve a bunch of other possible outcomes, auctions, etc.)
BIA on the other hand involves the appointment of receiver who typically sells the company or liquidates it in pieces and uses the proceeds to pay off creditors and then equity holders. Equity holders are still last in line, but again, the company doesn't really have that much debt.
"pursuant to the provisions of Section 244(1) of the Bankruptcy and Insolvency Act (Canada)
("BIA") whereby the Senior Lender set forth its intention to enforce its security on the expiration of ten days following the date
of delivery of such Notices of Intention. Also on January 19, 2015, the Senior Lender made an application to the Court of
Queen's Bench of Alberta to appoint an interim receiver under the BIA"