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Tuscany International Drilling commences restructuring proceedings


Published Feb 4, 2014
Tuscany International Drilling Inc.

Tuscany International Drilling Inc. says that it and one of its subsidiaries, Tuscany International Holdings (U.S.A.) Ltd. (Tuscany USA) have commenced proceedings under Chapter 11 of the United States Bankruptcy Code ("US Code") in the United States Bankruptcy Court for the District of Delaware (the "Chapter 11 Proceedings") to implement a restructuring of the Company's debt obligations and capital structure through a plan of reorganization under the US Code (the "Plan").

The Company and Tuscany USA also intend to commence ancillary proceedings in the Court of Queen's Bench of Alberta under the Companies' Creditors Arrangement Act (CCAA) to seek recognition of the Chapter 11 Proceedings and certain related relief (the "CCAA Proceedings").

Tags: Tuscany International Drilling Inc.




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