Canadian Superior announced that its application of June 4, 2009 to the Court of Queen's Bench of Alberta for an Order under the Companies' Creditors Arrangement Act (Canada) ("CCAA") to extend its CCAA protection has been granted, allowing the Company to continue to prepare a plan of arrangement for its creditors, and staying all claims and actions against the Company and its assets. The extension under the Order granted will be in effect until July 24, 2009, at which time the matter will be reviewed by the Court.
The order permits Canadian Superior to remain in possession and control of its property, carry on its business, and retain employees and other service providers. While the Order is in effect the Company will continue to work with its Court appointed Monitor. The previously announced Independent Committee, working with its financial advisor, Jennings Capital Inc., continues to assess all strategic alternatives available to the Company with a view of meeting the best interests of all stakeholders and maximizing shareholder value. The alternatives being considered include the previously announced sale of an undivided 45% interest in its Block 5(c) asset in Trinidad and Tobago to Centrica plc. and recapitalization proposals. All of these initiatives are well underway and the Company expects to re-structure in an organized manner and emerge from CCAA protection in due course.
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