West Hawk has announced that the agreement for the assignment and transfer of approximately US $10.6 million in outstanding trade debt of West Hawk Energy (USA) LLC, ("WHE"), an indirect partially owned subsidiary of the Company to Fuselier Holdings LLC, has been terminated.
The termination of the Agreement has caused the remaining unpaid Debt of approximately US $10.3 to revert to WHE which on December 18, 2008 elected to file for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. Pursuant to the Agreement, the promissory notes in the approximate principal amounts of US $9.8 million and US $1.3 million are also deemed to have been cancelled.
WHE is diligently preparing a workout plan to present to its creditors in the near future.
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