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Spyglass Resources Corp. Announces that it will not oppose the appointment of a Receiver and cancels the Special Meeting of Shareholders
Spyglass Resources Corp. Announces that it will not oppose the appointment of a Receiver and cancels the Special Meeting of Shareholders.
About this update from Spyglass Resources Corp
[{"type":"text","content":"\n\n\n\nSpyglass Resources Corp. Announces that it will not oppose the appointment of a Receiver and cancels the Special Meeting of Shareholders\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\nSpyglass Resources Corp. Announces that it will not oppose the appointment of a Receiver and cancels the Special Meeting of Shareholders\nPR Newswire\nCALGARY, Nov. 26, 2015\n\n\n\nCALGARY, Nov. 26, 2015 /PRNewswire/ - Spyglass Resources Corp. (\"Spyglass\", or the \"Company\") (TSX: SGL, OTCQX: SGLRF) announces that the Company's syndicate of lenders will file an application with the Court of Queen's Bench of Alberta to place the Company into Receivership and appoint Ernst & Young as Receiver to manage the Company's affairs (the \"Receiver\"). The application is scheduled to be heard in Court on Thursday, November 26, 2015 at 10:30 a.m. (MST) and it is expected the Court will grant the application.  The Receiver will be charged with managing the day to day affairs of the Company during the period of appointment and should be contacted with respect to any questions concerning the assets and liabilities of Spyglass.  \n\nDue to the low probability of meeting the covenant contained in the credit agreement to pay down $35 million of its reducing term facility by November 30, 2015, the Company's Board of Directors has decided not to oppose the appointment of the Receiver and intend to resign immediately upon the appointment of the Receiver.  As a result, the Special Meeting of Shareholders scheduled for Thursday, December 17, 2015 is cancelled.  The common shares of the Company may, at the discretion of the TSX, in accordance with Section 704 of the TSX Company Manual, be immediately halted from trading on the TSX.\n\nReader Advisory and Note Regarding Forward Looking Information\n\nCertain statements contained within this press release, and in certain documents incorporated by reference into this document constitute forward looking statements.  These statements relate to future events or future performance. All statements, other than statements of his...