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On October 8, Greenfire Oil and Gas Ltd. and Greenfire
Hangingstone Operating Corporation (collectively, Greenfire) each
filed a Notice of Intention to Make a Proposal pursuant to section
50.4(1) of the
Bankruptcy and Insolvency Act (Canada), RSC
1985, c B-3, as may be amended from time to time (the BIA) (such
proceedings, referred to herein as the NOI Proceedings) and Alvarez
& Marsal Canada Inc. was appointed as Proposal Trustee (the
Proposal Trustee) of Greenfire. Greenfire is focused on oilsands
development and production and their primary asset is a
Novelion” or the “
Company”) by Alvarez & Marsal Canada Inc., Novelion’s court appointed liquidator (the “
Liquidator”) today announces that the timing of the previously announced interim distribution to its registered shareholders (the “
Interim Distribution”) has been delayed. The delay of the Interim Distribution is due to the time required for the Company to undertake additional legal steps in the United States to effect the Interim Distribution. The Interim Distribution was approved pursuant to an Order of the Supreme Court of British Columbia (the “
Court”) dated December 16, 2020 in accordance with the Company’s Plan of Liquidation and Distribution. Novelion will be taking steps in the United States to seek recognition and enforcement of the approvals and authorizations in such Court Order.