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creditor protection to July 7
CALGARY - An Alberta court has extended creditor protection for Oilexco Inc. (TSXV:OIL) by 5 1/2 weeks to July 7 but denied its request for permission to participate in the drilling of a well in the U.K. North Sea.
Oilexco said the Royal Bank of Scotland PLC, strongly opposed the its application to participate in the drilling and expressed its desire to initiate a bankruptcy application against the Calgary-based company.
A syndicate of lenders headed by RBS declined in late December to provide more funding to Oilexco North Sea Ltd., a wholly owned subsidiary, which subsequently got creditor protection in January.
Oilexco itself has been under bankruptcy protection in Canada since Feb. 5 after lenders lead by RBS demanded the immediate payment of all amounts outstanding under a US$547.5-million credit line and a 100-million-pound credit facility of Oilexco North Sea.
In March, Premier Oil agreed to pay up to $505 million for Oilexco North Sea, if the company comes to an arrangement with its creditors, or $415 million if Oilexco's creditors don't agree.
Oilexco said Wednesday that it continues efforts to restructure under court protection.
"While the court rejected the company's request to participate in the drilling of a well, the court stated that it supports a successful reorganization," Oilexco said.
It shares traded at 8.5 cents on the TSX Venture Exchange.
www.canadianbusiness.com/markets/...markets&utm_medium=rss
CALGARY - An Alberta court has extended creditor protection for Oilexco Inc. (TSXV:OIL) by 5 1/2 weeks to July 7 but denied its request for permission to participate in the drilling of a well in the U.K. North Sea.
Oilexco said the Royal Bank of Scotland PLC, strongly opposed the its application to participate in the drilling and expressed its desire to initiate a bankruptcy application against the Calgary-based company.
A syndicate of lenders headed by RBS declined in late December to provide more funding to Oilexco North Sea Ltd., a wholly owned subsidiary, which subsequently got creditor protection in January.
Oilexco itself has been under bankruptcy protection in Canada since Feb. 5 after lenders lead by RBS demanded the immediate payment of all amounts outstanding under a US$547.5-million credit line and a 100-million-pound credit facility of Oilexco North Sea.
In March, Premier Oil agreed to pay up to $505 million for Oilexco North Sea, if the company comes to an arrangement with its creditors, or $415 million if Oilexco's creditors don't agree.
Oilexco said Wednesday that it continues efforts to restructure under court protection.
"While the court rejected the company's request to participate in the drilling of a well, the court stated that it supports a successful reorganization," Oilexco said.
It shares traded at 8.5 cents on the TSX Venture Exchange.
www.canadianbusiness.com/markets/...markets&utm_medium=rss
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Devise: "Kaufen, wenn alle anderen verkaufen"
