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Bellatrix Taps BMO to Aid in Enhancing Company Value
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Bellatrix Exploration Ltd. has tapped BMO Capital Markets to assist in pursuing potential strategic options and alternatives to maximize the company's value.
The Strategic Process will explore a broad range of strategic options that may include transactions involving the sale of all or a portion of the business and assets or shares of the Company, or refinancing, recapitalization or other restructuring transactions.
Brent Eshleman, President and Chief Executive Officer of Bellatrix, said: “Bellatrix has for an extended period of time focused on its key strategic priorities of reducing debt levels, improving liquidity and strengthening its financial position, including transactions completed by the Company in 2018 and 2019 to, among other things, provide additional needed liquidity and to reduce its overall senior note and convertible debenture obligations. In light of industry challenges facing the Western Canadian oil and natural gas sector, including prolonged and continued poor natural gas and natural gas liquids prices, we believe that the commencement of the CCAA restructuring proceedings at this time will provide the Company with the time and stability required to continue operating our business while we work to implement the Strategic Process and achieve an outcome that is in the best interests of Bellatrix and our stakeholders.”
Interim Financing Secured
In connection with pursuit of its Strategic Process and the CCAA proceedings, Bellatrix has obtained US$15 million of interim financing from certain holders of its secured notes, which Interim Financing was approved by the Court pursuant to the Initial Order. The Interim Financing provides the Company with additional funding to support its ongoing operations without disruption while Bellatrix pursues the Strategic Process.
Bellatrix intends to continue to pay its employees for services rendered during the CCAA proceedings and intends to pay its suppliers for goods and services provided to the Company following the commencement of the CCAA proceedings. PricewaterhouseCoopers Inc. has been appointed as monitor in the CCAA proceedings.
Goodmans LLP is acting as legal counsel to Bellatrix in connection with the Strategic Process and the CCAA proceedings.
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