GASFRAC Energy Services Inc. has obtained the approval of the Court of Queen's Bench of Alberta and the United States Bankruptcy Court in respect of the definitive asset purchase agreement entered into between GASFRAC and STEP Energy Services Ltd., contemplating the sale of substantially all of its assets and related technology by GASFRAC to STEP, together with all other matters contemplated by the Sale Agreement.
The Sale Transaction resulted from the previously announced court-approved sale and investment solicitation process conducted within the Companies Creditor's Arrangement Act and Chapter 15 of the United States Bankruptcy Code proceedings, under the supervision of Ernst & Young Inc., the court appointed monitor and the board of directors of the Corporation. GASFRAC will continue to operate its business under the supervision of its board of directors and the Monitor.
GASFRAC has also obtained approval of the Courts to undertake a creditor claims process. Full particulars of such claims process will be provided to the creditors by the Monitor.