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GASFRAC gets court approval of agreement for purchase of operating assets and services


Published Mar 30, 2015
GASFRAC Energy Services, Inc.

GASFRAC Energy Services Inc. has obtained the approval of the Court of Queen's Bench of Alberta (the "Court") in respect of a definitive asset purchase agreement (the "Purchase Agreement") entered into between GASFRAC and a third party oil and gas service industry partner, whereby GASFRAC would purchase certain fracking assets and related services (the "Purchase Transaction").

Purchase Transaction will assist GASFRAC in maintaining continued operations following completion of the previously announced sale transaction involving STEP Energy Services Ltd. announced in March 3, 2015 (the "Asset Sale Transaction"), under the supervision of its board of directors and Ernst & Young Inc., the court appointed monitor (Monitor).

The Corporation has also entered into an indicative term sheet with the same third party which contemplates, subject to inter alia, creditor and court approval and customary closing conditions, a proposed CCAA plan of compromise and arrangement, pursuant to which such third party would acquire 100% equity ownership of GASFRAC, as an operating entity (the "Plan").

Tags: GASFRAC Energy Services Inc.




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