SanLing is closing up shop April 30, weeks after the AER suspended thousands of its operating licences. Orphan Well Association has applied to court to have a receiver assume control of SanLing inventory. B/g on the original charges: theglobeandmail.com/business/artic… #ableg #cdnecon #oott
Blair Reilly, AER enforcement director: “Our repeated attempts to bring SanLing into compliance have failed." Says it's "unfortunate" SanLing is ceasing operations, adds AER has "systems in place" for when companies can't meet responsibilities to clean up messes. #ableg #cdnecon
SanLing has apparently committed to an orderly transition of its assets to a receiver, which will in turn figure out where the assets go. Any remaining assets will land with the OWA. So... more for their books then. #ableg #cdnpoli #cdnecon
Worth noting that the AER suspended SanLing's operating licences coz it owed the regulatory body $67-million and AER had little confidence in SanLing's ability to safely operate. Now SanLing is packing up shop. My story from March: theglobeandmail.com/business/artic… #ableg #cdnecon #oott
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