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Lightstream Resources Ltd. LSTMF

Energy Oil & Gas E&P
"Lightstream Resources Ltd is engaged in the exploration and development of oil and natural gas in Western Canada. Its operating areas include Southeastern Saskatchewan, Central Alberta, and North-Central Alberta."


GREY:LSTMF - Post by User

Lightstream Resources Ltd. > News
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Comment by Oldfart74on Dec 30, 2016 8:43am
253 Views
Post# 25652873

RE:RE:News

RE:RE:NewsPancho, let me explain what happened in simple terms.  
The July 2016 proposal died when LIghtstream was unable to reach an agreement with Mudrick and FrontFour Capital, the holders of unsecured notes.  Mudrick and Front Four were owed a total of 99.9 million dollars.  They claimed oppression on the basis that their notes should have been converted to secured notes.  In September, Lightstream filed for CCAA and a new Sales Process started.  Mudrick and FrontFour sued claiming oppression.  They lost in court.  Lightstream ultimately entered  into a new agreement with the secured note holders under which the secured note holders exchanged their notes in Ridgeback, a company wholly owned by the Lightstream secured note holders. 
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