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Connacher Oil and Gas Limited files for CCAA protection and receives order permitting interim financing of up to US$20 million and initiation of sales and investment solicitation process
Connacher Oil and Gas Limited files for CCAA protection and receives order permitting inte...
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[{"type":"text","content":"\n\n\n\nConnacher Oil and Gas Limited files for CCAA protection and receives order permitting interim financing of up to US$20 million and initiation of sales and investment solicitation process\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\nConnacher Oil and Gas Limited files for CCAA protection and receives order permitting interim financing of up to US$20 million and initiation of sales and investment solicitation process\nCanada NewsWire\nCALGARY, May 17, 2016\n\n\n\nCALGARY, May 17, 2016 /CNW/ - Connacher Oil and Gas Limited (CLC – TSX; \"Connacher\" or the \"Company\") announced today that the Company has obtained court protection under the Companies' Creditors Arrangement Act (\"CCAA\") pursuant to an initial order granted by the Court of Queen's Bench, in the Province of Alberta, on May 17, 2016 (\"Initial Order\").  Pursuant to the Initial Order, the Company has obtained protection from its creditors under the CCAA for a period expiring June 16, 2016, as the Company attempts to restructure and reorganize its assets, business and financial affairs, subject to possible extension from time to time pursuant to further court order.  \n\nDuring the CCAA proceedings, it is expected that the Company's operations will continue uninterrupted in the ordinary course of business and that every day obligations to employees, key suppliers of goods and services and the Company's customers will, after the filing date, continue to be met on an ongoing basis. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor. At this time, there are no intended changes to the management team or the composition of the Board of Directors of the Company and the Company anticipates that such individuals will continue in their respective roles throughout the CCAA process.\n\nTo enable the Company to maintain normal business operations, the Initial Order provides a stay of certain creditor claims and the exercise of contractual rights arising out of the CCAA process.
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