Oilexco has obtained a court order for protection under the Companies' Creditors Arrangement Act (Canada). Ernst & Young Inc. was appointed monitor under the order.
The order permits Oilexco (including its wholly-owned Alberta subsidiary Oilexco Technical Services Inc.) to remain in possession and control of its property, carry on its business, retain employees and other service providers and restructure its operations. Proceedings by creditors and others cannot be commenced without leave of the court and current proceedings are stayed. The order does not affect rights of The Royal Bank of Scotland plc and other lenders to shares of Oilexco's wholly-owned United Kingdom subsidiary Oilexco North Sea Limited (“ONSL”). Those shares were pledged by Oilexco as security for Oilexco's obligations as guarantor of amounts owed by ONSL under the US $547.5 million senior and super senior credit facility and £100 million pre-development credit facility of ONSL with the lenders.
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