On May 18, 2022, Alberta Investment Management Corporation (AIMCo) announced its acquisition of 2 billion common shares of Western Energy Services Corp. (Western), comprising about 49.25% of Western's total issued shares. This acquisition was part of a debt restructuring agreement dated March 21, 2022. AIMCo converted $100 million of debt from a 2017 second lien credit agreement with Western into these shares at $0.05 per share, a transaction managed by Seibu Investments Ltd., an AIMCo subsidiary.

The deal was a key phase in Western's broader recapitalization effort, aimed at restructuring its debt and raising new capital. While AIMCo did not participate in Western's concurrent rights offering of nearly 1.97 billion shares, their overall share ownership increased from 19.17% to approximately 49.69%.

As part of this process, AIMCo entered into an investor rights agreement with Western and other stakeholders, granting it the right to nominate two board directors as long as it maintains at least 30% ownership. They also secured a registration rights agreement, allowing them to facilitate Western's public share sale under certain conditions.

AIMCo's future plans with Western, as outlined in its early warning report, are open-ended, dependent on market and economic conditions, Western's business prospects, and other factors, potentially leading to changes in their investment.