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Connacher Oil obtains final court order on recapitalisation plans


Published Apr 24, 2015
Connacher Oil and Gas Limited

On January 30, 2015 Connacher Oil and Gas Limited announced a proposed recapitalization transaction (the 'Recapitalization') aimed at significantly reducing the Company's debt and annual interest expense, and providing additional liquidity to fund ongoing operations.

Following approvals of all resolutions relating to the Recapitalization by the shareholders and noteholders, the support for the Recapitalization from 100% of the lenders under the existing First Lien Term Loan Credit Agreement dated May 23, 2014 pursuant to a consent and waiver agreement, Connacher today obtained a final order of the Court of Queen's Bench of Alberta to implement the plan of arrangement, as amended, and the Recapitalization transactions. All elements of the Recapitalization plan were approved by the Court. Connacher expects to close the transactions on or about May 8, 2015.

Tags: Connacher Oil and Gas Limited




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