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Calfrac Obtains Final Order Approving the Amended Recapitalization Transaction
Calfrac Obtains Final Order Approving the Amended Recapitalization Transaction ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Calfrac Obtains Final Order Approving the Amended Recapitalization Transaction\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Nov. 2, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 2, 2020\n \n /CNW/ -\n \n \n Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) announces that it has obtained a final order from the Court of Queen's Bench of\n \n Alberta\n \n (the \"Court\") approving its Plan of Arrangement under the\n \n Canada Business Corporations Act.\n \n The final order is an important step in implementing the Company's Amended Recapitalization Transaction, as more particularly described in the Management Information Circular of the Company dated\n \n August 17, 2020\n \n , as amended by a Material Change Report dated\n \n September 25, 2020\n \n .\n \n \n The Court delivered extensive reasons in support of its decision late Friday afternoon,\n \n October 30\n \n , 2020.  At the end of the hearing, Wilks Brothers, LLC immediately advised the Court of its intention to file an appeal on an expedited basis.  Calfrac intends to oppose any appeal or steps taken by Wilks Brothers to delay the implementation of the approved final order.\n \n \n As previously announced, the Amended Recapitalization Transaction was approved by the Company's Shareholders and Senior Unsecured Noteholders at the Shareholders' and Senior Unsecured Noteholders' meetings held on\n \n October 16, 2020\n \n .\n \n \n The Company intends to complete the Amended Recapitalization Transaction as soon as practicable, subject to the satisfaction or waiver of the other conditions to the implementation of the Plan of Arrangement.   Calfrac will provide further updates in respect of the completion of the Amended Recapitalization Transaction as matters evolve.\n \n \n Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol \"CFW\". Calfrac provides specialized oilfield services to exploration and production companies designed to increa...