Business
Supreme Court of Canada Dismisses Wilks Brothers' Leave to Appeal Application with Costs
Supreme Court of Canada Dismisses Wilks Brothers' Leave to Appeal Application with Costs ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Supreme Court of Canada Dismisses Wilks Brothers' Leave to Appeal Application with Costs\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n May 27, 2021\n \n /CNW/ - Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) announces that the Supreme Court of\n \n Canada\n \n has dismissed the leave to appeal application by Wilks Brothers, LLC (\"\n \n Wilks Brothers\n \n \") with costs. Wilks Brothers' proposed appeal related to the decision of the Court of Appeal of\n \n Alberta\n \n upholding the order of the Court of Queen's Bench of\n \n Alberta\n \n , which approved Calfrac's Plan of Arrangement pursuant to the\n \n Canada Business Corporations Act\n \n (\"\n \n CBCA Final Order\n \n \").\n \n \n The Supreme Court of\n \n Canada's\n \n dismissal of the leave to appeal application means that the CBCA Final Order, pursuant to which Calfrac implemented its Recapitalization Transaction, is no longer subject to any further Canadian appeal rights, and remains in full force and effect.\n \n \n \n \n As previously disclosed, Wilks Brothers' has applied to the Ontario Securities Commission (the \"OSC\") requesting a hearing and review by the OSC of the decision of the Toronto Stock Exchange granting relief in respect of the rescission of the purchase of 1.5 Lien Notes of Calfrac acquired by an institutional shareholder.\n \n \n \n \n Calfrac believes that the TSX acted appropriately within its jurisdiction in granting such relief.   Therefore, Calfrac is opposing the application to the OSC, which is anticipated to be heard in July. Calfrac has similarly opposed other litigation by Wilks Brothers, and has prevailed in each case. Calfrac will provide a further update upon any material developments.\n \n \n . . .\n \n \n Calfrac's common shares and warrants are publicly traded on the Toronto Stock Exchange under the trading symbols \"CFW\" and \"CFW.WT\", respectively.\n \n \n Calfrac provides specialized oilfield se...