Exploration & Production | Finance & Investing | Bankruptcy / Restructure Update | Capital Markets
Sonde Resources Files Bankruptcy
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Sonde Resources Corp. has announced that it has filed a voluntary assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada).
In conjunction with this filing, FTI Consulting Canada Inc. has been appointed as Trustee in Bankruptcy.
Since 2012, Sonde has been pursuing alternatives for the Joint Oil Block.
Most recently, in March of 2014, Sonde announced that it had engaged Taylor-DeJongh, Inc. to initiate a process to explore and evaluate potential strategic alternatives to enhance shareholder value with regard to the Joint Oil Block. Sonde's Management and Taylor-DeJongh have actively pursued all prospects and options available to the Company to complete a transaction that would satisfy Sonde's significant financial commitments under the Exploration…
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