Independent Energy Corp., is a developer of environmentally friendly refineries in Saskatchewan. Their first major refinery construction was undertaken during the global pandemic and was plagued by supply chain and labour shortages, resulting in a construction period that was twice as long as planned and significantly over budget. Without the funds to run the facility, the Company sought and obtained CCAA protection in June, 2023. During the CCAA proceeding, the Company has commenced refining operations, negotiating oil purchase contracts, transportation contracts and offtake contracts in the market. In order to improve operations, the Company also negotiated construction contracts for capital improvements to the refinery. The Company sought and obtained a $60 million interim financing facility from its primary secured lender, in addition to a KERP/KEIP and other protective charges designed to incentivize certain key stakeholders to remain engaged and assist in the process.
Jurisdiction
- Canada
