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Connacher Seeking Creditor Protection as Financials Slip
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Connacher Oil and Gas Limited is initiating proceedings today at the Court of Queen's Bench of Alberta to seek creditor protection under the Companies' Creditors Arrangement Act.
The Company has received commitments from certain of its existing lenders for up to US$20 million in interim financing to support its continued operations. The interim financing is expected to provide sufficient liquidity to support the business of the Company during the CCAA proceedings. As part of the CCAA application, Connacher will seek approval of the appointment of Ernst & Young Inc. as the Monitor to oversee the CCAA proceedings and report to the Court.
The Company intends to seek approval to initiate a sale and investment solicitation process to be conducted in conjunction with the CCAA proceedings…
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