Connacher Oil and Gas Limited Announces Extension of CCAA Stay
13 Jan 2017 17:15 ET
CNW Group
Connacher Oil and Gas Limited ("Connacher" or the "Company") announced that it has obtained an order from the Alberta Court of Queen's Bench extending the period of the Court-ordered stay of proceedings against Connacher under the Companies' Creditors Arrangement Act ("CCAA") until and including June 30, 2017. The Company has been operating under the protection of the CCAA since May 17, 2016.
All inquiries regarding Connacher's CCAA proceedings should be directed to the Monitor, Ernst & Young Inc. The Monitor has established the following information hotline related to enquiries regarding the CCAA process, at 403-206-5650. In addition, information about the CCAA proceedings, including copies of all court orders and the Monitor's reports, is available at the Monitor's website, www.ey.com/ca/connacheroilandgas.
The Company does not intend to comment further regarding the CCAA process unless it is determined that further disclosure is appropriate or required by law.
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Is it possible for CLL to come out of CCAA protection and resume normal operations now that the crude oil is $52.86 per barrel?
Any thoughts out there?
And does it matter?
Is there still some hope for the retail shareholders? G1945V