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Delphi Energy Corp. announces creditor approval of plan of compromise and arrangement


CALGARY, Alberta – Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that, at creditors’ meetings (the “Meetings”) held today, Delphi’s creditors approved the previously announced plan of compromise and arrangement (the “Plan”) of the Company, Delphi Energy (Alberta) Limited and Delphi Energy Partnership under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) and the Canada Business Corporations Act.

Approval of the Plan

At the Meetings, 100% of the votes cast by beneficial holders of Delphi’s senior secured notes, voting as a class, and 76% of the votes cast by general unsecured creditors (excluding creditors holding disputed claims or claims that were submitted after the claims bar date, which do not affect the result of the vote), voting as a class, were voted in favour of the Plan. In each case, a majority in number of creditors who voted in such class voted in favour of the Plan.

Detailed voting results for the Meetings are available under Delphi’s profile on SEDAR at www.sedar.com.

Court Approval and Implementation

A hearing to seek an order of the Court of Queen’s Bench of Alberta (the “Court”) sanctioning the Plan under the CCAA, among other things, is currently scheduled for 9:00 a.m. (Calgary time) on September 11, 2020, or such other date as may be set by the Court and posted on the monitor’s website listed below. Subject to obtaining Court approval of the Plan and the satisfaction or waiver of the other conditions to the implementation of the Plan, the Company is working to implement the Plan in mid-September 2020.

Additional Information

Delphi and certain of its subsidiaries were granted an initial order and protection under the CCAA on April 14, 2020. PricewaterhouseCoopers Inc. has been appointed by the Court as monitor in the CCAA proceedings. Materials publicly filed in the CCAA proceedings, including copies of the initial order of the Court, are available on the monitor’s website at http://www.pwc.com/ca/delphi. Delphi will continue to provide updates regarding its restructuring as developments warrant.

About Delphi Energy Corp.

Delphi Energy Corp. is a junior E&P producer of liquids-rich natural gas. The Company has achieved top decile operational results through the development of its high quality Montney property, uniquely positioned in the deep basin of northwest Alberta. Delphi continues to improve its operational efficiencies through the development of its dominant land position at Bigstone. Delphi is headquartered in Calgary, Alberta.



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