Canadian Superior Updates on CCAA Protection Extension
Canadian Superior Energy announced today that its application of May 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 June 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, 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 access 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 sale of an undivided 25% or greater interest in its "Intrepid" Block 5(c) in Trinidad and Tobago through the Scotia Waterous process, the sale of all or a portion of its Western Canada assets, 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.
- 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)