Map - Operator Asset | Bankruptcy / Restructure Update | Capital Markets
Mid-Con Operator Declares Bankruptcy
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This morning, Parallel Energy Trust and its affiliated entities, Parallel Energy Commercial Trust and Parallel Energy Inc. filed an application for protection under the Companies’ Creditors Arrangement Act with the Alberta Court of Queen’s Bench in Calgary.
Contemporaneously with the Canadian Parallel Entities’ CCAA filing, the Trust’s wholly owned U.S. based subsidiaries, Parallel Energy LP and Parallel Energy GP LLC each filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court of Delaware.
The Trust also announces that the U.S. Parallel Entities have reached an agreement for the sale of substantially all of the U.S. Parallel Entities’ assets for USD$110 million as part of the Chapter 11 filings to Scout Energy…
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