Ernst & Young Inc. undertakes a sales and investment solicitation process for the assets of Plains Environmental Inc.

CALGARY, AB, Nov. 5, 2024 /CNW/ - Ernst & Young Inc., in its capacity as Court-Appointed Interim Receiver (the "Interim Receiver") of Plains Environmental Inc ("Plains"), is undertaking a sales and investment solicitation process ("SISP") for all current and future assets, undertakings and properties of Plains (the "Property") and the business presently carried on by Plains (the "Business"). Plains currently operates as a waste management and disposal business for oilfield services, industrial and mining waste resources, with operations and facilities located in southeastern Saskatchewan. The Property includes five underground salt caverns and five disposal wells purpose-built for underground storage. The Property can accept a broad range of solids and liquids waste, which may include industrial waste, oilfield waste, soils, waste water and naturally occurring radioactive materials (NORMs).

On October 28, the Court of King's Bench of Alberta approved the SISP and amended the Interim Receivership Order originally issued on March 15, 2024 to authorize the Interim Receiver to market and sell the current and future assets, undertakings and properties of the Company (the "Property"). The purpose of the SISP is to maximize the value of the Property for the benefit of all stakeholders.

Key Milestones for the SISP are as follows:

Event	Date
Interim Receiver to distribute the teaser letter, advertise the SISP and prepare and have available for potential bidders a data room.	November 5, 2024
Non-binding Expression of Interest ("EOI") Deadline	December 13, 2024
Binding Bid deadline	January 31, 2025

Additional information is available upon (i) the execution of a confidentiality agreement ("CA") and (ii) the submission of a qualification letter and supporting materials in accordance with the Qualification Letter Outline attached to the SISP as Appendix "B". The SISP, CA and teaser letter outlining the opportunity are available on the Receiver's website www.ey.com/ca/plainsenviro, or through Paul Lim via email at [email protected] or by phone at 403-206-5071.

Ernst & Young Inc., in its capacity as Court-Appointed Interim Receiver of Plains Environmental Inc and not in its personal or corporate capacity.

2200, 215 2^nd Street SW
Calgary, AB T2P 1M4
Fax: [phone]

SOURCE Ernst & Young Inc.