Bullboard - Stock Discussion Forum 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."

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Lightstream Resources Ltd. > News Out

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Post by AstroCalgary on Nov 23, 2016 3:44pm

News Out

https://boereport.com/2016/11/22/lightstream-announces-successful-bid-under-ccaa-sale-procedures/

CALGARY, ALBERTA–(Marketwired – Nov. 22, 2016) –Lightstream Resources Ltd. (the “Company” or “Lightstream”) announces that the sale procedures under the Companies’ Creditors Arrangement Act (“CCAA”) have concluded and that the credit bid (“Credit Bid”) submitted by the ad hoc committee of holders of approximately 91.5% of the Company’s 9.875% second lien secured notes due 2019 is the successful bid. In accordance with the sale procedures, the Company will seek to implement the Credit Bid by finalizing the terms of the definitive agreements and applying to the Court of Queen’s Bench of Alberta for an approval and vesting order anticipated to be heard on December 8, 2016. Closing of the transaction is expected to occur prior to December 31, 2016.

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Comment by AstroCalgary on Nov 23, 2016 3:56pm

Just noticed this news came out yesterday. So the post is bit late. However, I would like to know this "Credit Bid" is going to impact the old sharefolders. Will the 80+ to 1 consolidation still work? Too bad to own this stock.

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