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East River Oil & Gas to Acquire Connacher Oil & Gas

Source: www.gulfoilandgas.com 10/4/2018, Location: North America

Connacher Oil and Gas Limited is pleased to announce the approval of the Company’s Amended and Restated Plan of Compromise and Arrangement (the “Plan”) by the required majorities of affected creditors and the Court of Queen’s Bench of Alberta (the “Court”) in the Company’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”). As previously announced, the Plan effects a transaction to sell the Company to East River Oil and Gas Ltd. (“East River”) through the acquisition of Connacher’s share capital.

The resolution (the “Plan Resolution”) approving the Plan pursuant to the CCAA was approved by 100% of the Company’s first lien lenders (the “First Lien Lenders”) and 100% of the Company’s general unsecured creditors (the “General Creditors”) who were present and voted in person or by proxy on the Plan Resolution at the creditors’ meetings held on October 3, 2018, in accordance with the Creditors’ Meetings Order granted by the Court on August 22, 2018.

Following the positive vote at the creditors’ meetings, the Court sanctioned the Plan on October 4, 2018. The Company is now working towards satisfying conditions precedent to the Plan and consummating the transaction with East River, which is currently expected to occur between November 8, 2018 and November 15, 2018, subject to the right of East River to extend the closing date in certain circumstances.

The approval of the Plan by affected creditors and subsequent Court sanction of the Plan, are key steps towards the Company’s implementation of the Plan transaction with East River and its emergence from protection under the CCAA. The Plan represents the best alternative for the long-term interests of Connacher which eliminates its existing funded debt, improves liquidity, and is beneficial to employees, customers, suppliers and the communities where Connacher operates.

As previously announced, in the event of a circumstance where the Plan cannot be implemented, the transaction with East River would be consummated pursuant to the Approval and Vesting Order granted by the Court on August 22, 2018.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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