Canadian Superior gets CCAA protection extension
Canadian Superior Energy says that its application of July 23, 2009 to the Court of Queen's Bench of Alberta for an Order under the Companies' Creditors Arrangement
Canadian Superior Energy says that its application of July 23, 2009 to the Court of Queen's Bench of Alberta for an Order under the Companies' Creditors Arrangement Act (Canada) (CCAA) to extend its CCAA protection has been granted, allowing the Company to continue to prepare a plan of arrangement for its creditors, and staying all claims and actions against the Company and its assets. The extension under the Order granted will be in effect until September 15, 2009, at which time the matter will be reviewed by the Court.
The order permits Canadian Superior to remain in possession and control of its property, carry on its business, and retain employees and other service providers. While the Order is in effect the Company will continue to work with its Court appointed Monitor. The previously announced Independent Committee, working with its financial advisor, Jennings Capital Inc., continues to assess all strategic alternatives available to the Company with a view of meeting the best interests of all stakeholders and maximizing shareholder value.