Capital Markets | Credit Facility Change
Gear Energy's Credit Facilities Cut by 22% to $90MM
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Gear Energy Ltd. reported that its credit facilities have been reduced from a total $115 million to $90 million and is now comprised of a $70 million syndicated revolving term credit facility and a $20 million operating credit facility.
This is a reduction of 22%.
The reduction is the result of a variety of factors including the recent Supreme Court of Canada ruling on Redwater whereby any financial resources of a bankrupt entity will first be used to satisfy the outstanding abandonment obligations of its unproductive assets ahead of any secured creditors.
Currently, Gear is $70 million drawn on its credit facilities.
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