Business
Mystique Energy Obtains Extension to the Stay of Proceedings under CCAA
Mystique Energy Obtains Extension to the Stay of Proceedings under CCAA.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, May 25 /CNW/ - Mystique Energy, Inc. ("Mystique") (TSXV: MYS)\nannounces that the Court of Queen's Bench ("the Court") has approved an\napplication by Mystique to extend the stay of proceedings for protection under\nthe Companies' Creditors Protection Act (Canada) ("CCAA"), that was granted\nunder the initial order, until July 17, 2007. The granting of the initial\norder on April 24th, 2007 by the Court was announced in Mystique's press\nrelease of April 25th, 2007.\n\n\nWhile under CCAA protection, management of Mystique will remain\nresponsible for the day-to-day operations, under the supervision of a Court\nappointed monitor, Ernst & Young Inc., who will be responsible for monitoring\nMystique's ongoing operations, assisting with the development and filing of\nthe Plan, liaising with creditors and other stakeholders and reporting to the\nCourt. Management will also be responsible for formulating the Plan for\nrestructuring Mystique's financial affairs.\n\n\nMystique continues to engage GMP Securities LP to identify and consider\nstrategic alternatives including a possible merger, amalgamation,\nreorganization or takeover of Mystique, or the sale of some or all of the\nassets of the Company, or any other alternatives that are considered to be in\nthe best interests of Mystique, including the participation of interested\nparties in formulating the Plan with Mystique to propose to the affected\nstakeholders.\n\n\nDisclaimers\n\n\nCertain information regarding Mystique in this news release including\nmanagement's assessment of future plans and operations and the timing thereof,\nmay constitute forward-looking statements under applicable securities laws and\nmay necessarily involve risks including, without limitation, risks associated\nwith oil and gas exploration, development, exploitation, production, marketing\nand transportation, loss of markets, volatility of commodity prices, currency\nfluctuations, imprecision of reserve estimates, environmental risks,\ncompetition from other producers, inability to retain services, delays\nresulting from or inability to obtain required regulatory approvals, the\nability to access sufficient capital from internal and external sources and\nthe uncertainty involved in Court proceedings and the implementation of the\nPlan under the CCAA. As a ...