Business
Extension to High Arctic Credit Facilities
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FA...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\nTHE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\nCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, May 1 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n("High Arctic" or the "Corporation") announced that its lenders have agreed to\nextend the maturity date of its senior debt facilities to June 12, 2009. As\npart of the extension, the covenants related to mandatory asset sales and the\nfinancial covenants have been waived through to that date.\n\n\nHigh Arctic and its lenders plan to use the extension period to negotiate\nthe terms of a possible further extension. As announced on April 27, 2009,\nHigh Arctic hopes to complete the sale of its interest in the Optimal joint\nventure by May 31, 2009 and apply the proceeds against the debt, which would\nassist with the terms of an extension.\n\n\nForward-Looking Statements\n\n\nThis news release may contain forward-looking statements relating to\nexpected future events and financial and operating results of the Corporation\nthat involve risks and uncertainties. Actual results may differ materially\nfrom management expectations as projected in such forward-looking statements\nfor a variety of reasons, including market and general economic conditions and\nthe risks and uncertainties detailed in the Corporation's Management\nDiscussion and Analysis for the year ended December 31, 2008 and in High\nArctic's Annual Information Form for the year ended December 31, 2008, all\nfound on SEDAR (www.sedar.com). Due to the potential impact of these factors,\nthe Corporation disclaims any intention or obligation to update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, unless required by applicable law.\n\n\nAbout High Arctic\n\n\nThe Corporation, through its subsidiaries, is a global provider of\nspecialized oilfield equipment and services, including drilling, completion\nand workover operations. Based in Red Deer, High Arctic has domestic\noperations primarily in Alberta, British Columbia and the Northwest\nTerritories. International operations are currently active in Mexico, the\nMiddle East and Asia.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\nadequacy or accura...