Business
COMPTON RECEIVES COURT APPROVAL FOR ARRANGEMENT
COMPTON RECEIVES COURT APPROVAL FOR ARRANGEMENT
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n Sep. 17, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nCALGARY, Sept. 17 /CNW/ - Compton Petroleum Corporation (TSX - CMT) is pleased to announce that it has received a final order of the Court of Queen's Bench of Alberta approving a plan of arrangement under the Canada Business Corporations Act (the "Arrangement"). Pursuant to the Arrangement, Compton Petroleum Finance Corporation ("Compton Finance") will exchange all of the outstanding US$450.0 million 7 5/8% senior notes due 2013 ("Senior Notes") for a combination of cash and 10% senior notes due 2017 of Compton Finance ("New Notes").\nAs part of the Arrangement, Compton entered into support agreements with an informal ad hoc committee of holders of Senior Notes. Those agreements provide for, among other things, the exchange of US$45 million of the New Notes for US$45 million of 10% senior mandatory convertible notes due September 15, 2011 of Compton Finance ("Mandatory Convertible Notes"). The Mandatory Convertible Notes may be redeemed at Compton Finance's discretion for cash prior to maturity, which could come from asset sales, an equity offering or other sources. In the unlikely event that Mandatory Convertible Notes remain outstanding at their maturity date, Compton has obtained from the TSX conditional approval for the listing of up to 65,631,345 common shares for this purpose, which represents approximately 24.9% of Compton's currently issued and outstanding s...