Oilexco Receives CCAA Extension
Oilexco received an extension of the court order for protection under the Companies' Creditors Arrangement Act ("CCAA") (Canada). The new order will now expire July 7, 2009. The order permits Oilexco (including its wholly-owned Alberta subsidiary Oilexco Technical Services Inc.) to remain in possession and control of its remaining assets as it continues to restructure.
During the court hearing, the Company requested the court's approval to participate in the drilling of a well in the UK North Sea as part of the Company's restructuring attempt. One of the Company’s creditors, The Royal Bank of Scotland plc ("RBS"), strongly opposed the Company's application to participate in the drilling, and requested the court move in such a manner that would permit RBS to initiate a bankruptcy application against the Company in a short time frame. While the court rejected the Company’s request to participate in the drilling of a well, the court stated that it supports a successful reorganization. As such, the Company will continue its restructuring efforts.
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