Canadian Overseas Aktie

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) confirmed it has now been issued by the Alberta Court of King's Bench an initial order under the Companies' Creditors Arrangement Act (CCAA). Additionally, it noted that it has executed a restructuring support agreement with the senior lenders to COPL's subsidiary, COPL America, pursuant to which, among other things, the lenders have agreed to support a sale and investment solicitation process (SISP) wherein they will serve as a stalking horse bidder to acquire substantially all of the COPL Group's business by way of a credit bid. » Mehr auf proactiveinvestors.co.uk

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) said it believes there is little prospect for a return to shareholders or bondholders as it announced it has applied for an initial order under the ‘Companies' Creditors Arrangement Act' in Canada. Effectively entering administration, the company said it has applied to Alberta Court of King's Bench for the CCAA, which the company noted would provide ‘stay of proceedings in favour of the COPL Group, approval of debtor-in-possession financing and the appointment of KSV Restructuring Inc. » Mehr auf proactiveinvestors.co.uk

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) shares rallied around 40% in Thursday's early deals as the firm announced it has extended a forbearance agreement with its senior creditor. The company, in a statement, said that the lender has agreed to move the forbearance deadline from 29 February to 8 March – as such it stalls an immediate threat of default. » Mehr auf proactiveinvestors.co.uk