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Terra's Debts Called In; Company Shuts Down Operations
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Terra Energy Corp., in furtherance of its announcement of March 18, 2016, that its lender, Canadian Western Bank (CWB), has made a demand on Terra, as debtor, and each of its Guarantors for payment in full of Terra's outstanding indebtedness plus accrued interest, costs and fees and that CWB provided Terra and each of its Guarantors with a Notice of Intention to Enforce Security under section 244(2) of the Bankruptcy and Insolvency Act (Canada), announces that Terra and each of its Guarantors has consented to the enforcement by CWB, as secured lender to Terra of CWB's security pursuant to section 244(2) of the Bankruptcy and Insolvency Act (Canada).
Terra in furtherance of its announcement of March 18, 2016, that it has undertaken a process of shutting-in all of its operated/licensed…
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