Canadian Superior Underscores CCAA Protection Extension
Canadian Superior announced that its application of March 25, 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, previously announced on March 6, 2009, has been successful; allowing the Company to continue to prepare a plan of arrangement for its creditors, and continuing to stay all claims and actions against the Company and its assets. The March 25th Order extends CCAA protection until May 4, 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, retain employees and other service providers. While the Order is in effect, the Company will work with a court-appointed Monitor and it will continue to implement a plan of arrangement for its creditors, which includes the initiative to sell an undivided 25% or larger interest in its "Intrepid" Block 5(c) in Trinidad and Tobago. As previously announced Scotia Waterous has been retained as the Company's advisor for this sale and the marketing process is well underway. A successful sale of the Trinidad asset and/or a possible re-capitalization of the Company should allow the Company to re-structure in an organized manner and reemerge from CCAA protection in due course.
- Canadian Superior Energy Notes Operational Updates (Jun 03)
- Canadian Superior Energy Posts 1Q10 Results (May 13)
- Canadian Superior Energy Waves Goodbye to COO (May 05)