Royal Helium Limited (TSXV:RHL), Canada’s first publicly-listed helium producer, and related entities had their NOI proceedings continued under the Companies' Creditors Arrangement Act (CCAA) on February 19, 2025. The proceedings follow a failed commissioning of a helium purification facility in Steveville, Alberta, in October 2023. Despite substantial investment, the project faced cost overruns and operational challenges, leading to a liquidity crisis.

Since September 2024, Royal Helium has been in discussions with secured creditors Canadian Western Bank (CWB) and Business Development Bank of Canada (BDC) to address its financial difficulties. However, in January 2025, CWB and BDC issued notices of intention to enforce their security under the Bankruptcy and Insolvency Act (BIA), leading to NOI filings. Subsequent negotiations resulted in the continuation of proposal proceedings under the CCAA to conduct a sale and investment solicitation process (SISP) aimed at continuing the business.

CWB and BDC are providing debtor-in-possession (DIP) financing. Alvarez & Marsal (A&M) is serving as the monitor. Legal advisors include Reconstruct for Royal Helium and its affiliates, BDP for the monitor, Loopstra Nixon for the DIP lender, Cassels for BDC, and McCarthy Tétrault for CWB.