Independent Energy Corp. — Sales & Investment Solicitation Process (‘SISP’)
Saskatchewan, Canada: – September 18, 2023: On June 22, 2023, Independent Energy Corp. (“IEC” or the “Company”) was granted protection pursuant to an order (as amended or amended and restated from time to time, the “Initial Order”) under the Companies’ Creditors Arrangement Act (the “CCAA” and the “CCAA Proceedings”) by the Alberta Court of King’s Bench (the “Court”). Ernst & Young Inc. has been appointed Monitor (in such capacity, the “Monitor”).
On September 6, 2023, the Court granted an order (“SISP Order”) approving a sales and investment solicitation process (the “SISP”) to facilitate an investment in the Company’s business or sale of the Company’s business or assets. Pursuant to the terms of the SISP Order, Ernst & Young Orenda Corporate Finance Inc., and Ernst & Young Corporate Finance (Canada) Inc. were engaged to act together as the exclusive sales advisor for the SISP (the “Sales Advisor”).
The SISP is a two-phased process with the Phase 1 bid deadline set for October 30th, 2023. Those interested in participating in the SISP process can contact the Sales Advisor to receive additional information:
Ernst & Young Orenda Corporate Finance Inc.
Ernst & Young Orenda Corporate Finance (Canada) Inc.
Senior Vice President
416 943 3078
403 206 5228
780 638 5855
Senior Vice President
403 206 5067
604 891 8491
Copies of documents filed in the CCAA proceedings and the SISP may be obtained from the Monitor’s website at http://www.ey.com/ca/IEC
1 Any inquiries by U.S. persons should be directed to Ernst & Young Corporate Finance (Canada) Inc. through Jatinder Wadhwa or Alix Paris.
Independent Energy Corp. (“IEC”) is a private corporation established in Saskatchewan in 2019, focused on the development of economical and environmentally friendly micro- refineries in strategic locations that provide long term access to optimal feedstock, paralleled with logistical advantages. IEC operates a newly commissioned refinery with a nameplate capacity of 16,000 bpd, designed to produce ultra-low sulphur diesel (ULSD), naphtha, butane and marine fuel in Kerrobert, Saskatchewan. https://independentenergy.ca/
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