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Connacher Enters Forbearance Agreement for $153.8MM Loan
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Connacher Oil and Gas Limited announced that it has entered into a forbearance agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and certain lenders constituting the "Required Lenders" under the Credit Agreement in respect of US$153.8 million of loans made by the lenders under the Credit Agreement, dated as of May 23, 2014.
Under the terms of the Forbearance Agreement, among other things, the Lenders agreed to forbear from exercising their enforcement rights and remedies arising on account of the failure of Connacher to pay the cash interest and principal payments due on March 31, 2016 until the earlier to occur of April 30, 2016 , the occurrence of an event of default under the Credit Agreement, unrelated to the failure to pay principal and interest due on…
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