Business
Court of Appeal of Alberta Dismisses Latest Wilks Brothers' Attempt to Litigate Calfrac's Recapitalization; Calfrac Responds to Wilks Brothers' Announcement of an Intention to Make an Unsolicited Offer
Court of Appeal of Alberta Dismisses Latest Wilks Brothers' Attempt to Litigate Calfrac's ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCourt of Appeal of Alberta Dismisses Latest Wilks Brothers' Attempt to Litigate Calfrac's Recapitalization; Calfrac Responds to Wilks Brothers' Announcement of an Intention to Make an Unsolicited Offer\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\nCanada NewsWire\nCALGARY, AB, Sept. 2, 2020\n\n\n\nCALGARY, AB, Sept. 2, 2020 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") (TSX: CFW) is announcing that Wilks Brothers, LLC (\"Wilks Brothers\") has lost its latest attempt to litigate against Calfrac's Recapitalization Transaction.\nOn July 13, 2020, Calfrac and certain related entities obtained a Preliminary Interim Order from the Court of Queen's Bench of Alberta as the first step in advancing the Recapitalization Transaction under the Canada Business Corporations Act (the \"CBCA Proceeding\").  Among other things, the Preliminary Interim Order granted a stay of proceedings that prevents creditors from exercising rights and remedies while the CBCA Proceeding plays out.\nOn July 23, 2020, Wilks Brothers applied to the Court of Queen's Bench of Alberta, asking that the Preliminary Interim Order be varied. On July 27, 2020, the Court of Queen's Bench of Alberta dismissed Wilks Brothers' application (the \"Wilks Brothers Dismissal\").\nWilks Brothers subsequently applied to the Court of Appeal of Alberta to ask for leave to file an appeal of the Wilks Brothers Dismissal.  A judge of the Court of Appeal of Alberta heard this application on September 1, 2020, and denied the application.\nThis denial means that the stay provision of the Preliminary Interim Order remains in effect and unaltered, so that a level playing field for all stakeholders will continue to apply during the CBCA Proceeding.\nCalfrac also acknowledges today's announcement that Wilks Brothers intends to make an unsolicited offer to acquire all of the issued and outstanding common shares of Calfrac.  The Calfrac Special Committee and Board of Directors will consider and evaluate the Wilks Brothers offer and related take-over bid circular, if and when receiv...