June 22, 2016
Amid the current environment of depressed oil and gas prices, energy companies in Alberta facing insolvency must address numerous priorities, not just with respect to creditors but also regulatory compliance—including around well cleanup. With abandoned wells from bankrupt companies presenting an increasing problem for the province, the Alberta Energy Regulator has recently sent a public reminder to industry players about their responsibilities. Corporate Restructuring and Advisory partner David Bish was sought by CBC News to provide insight on this issue. Below is an excerpt of the article.
The AER bulletin in April was not a new rule, but rather a well-timed prompt, said David Bish, a partner with law firm Torys.
“There’s that reminder to everyone that it can still look to directors and officers,” said Bish. “And it has a variety of tools that it can deploy to do that.”
To read the full article on CBC News, click here.
Read David’s article on distressed Canadian dealmaking, “Distressed M&A Opportunities are Emerging,” here.