Southern Pacific Resource Corp STPJF

There she is, Fat Lady is singing

[CatCatCat]

Southern Pacific Files for Creditor Protection Under the CCAA

https://finance.yahoo.com/news/southern-pacific-files-creditor-protection-003016428.html

[freedom45]

Southern Pacific Files for Creditor Protection Under the CCAA (ccnm) CALGARY, ALBERTA--(Marketwired - Jan. 21, 2015) - Southern Pacific Resource Corp. (TSX:STP) announces today that it and certain of its subsidiaries (and partnership), Southern Pacific Energy Ltd., 1614789 Alberta Ltd., 1717712 Alberta Ltd. and Southern Pacific Resource Partnership (collectively "Southern Pacific" or the

[monzie]

"The Company has been in dialogue with representatives of its first lien term loan and an ad hoc committee of holders of over 75% of the senior secured second lien notes and over 50% of the convertible debentures." Read more at https://www.stockhouse.com/companies/bullboard/t.stp/southern-pacific-resource-corp#xQyVKq2ZbmcKSk2O.99 Well atleast they're not leaving the debentures out

[bambus]

The CCAA also allows a company, if it so chooses, to address its shareholders in addition to its creditors. Typically, when the shareholders of the company are impacted by the Plan of Arrangement, they are often given the opportunity to vote on the Plan. Do we know as shareholders if they are gonna "choose" to include shareholders in voting for the plan they will come up with ?

[monzie]

I imagine if the plan does not include a few crumbs for the common shareholders then they would not include them in the voting process. Ofcourse that's if they're actually able to come to an agreement with any plan in the first place.  But for now atleast they're still using the term best interest for all stakeholders.  "It was determined by the Board of Directors that

[Pandora]

They do use the word "stakeholders" not "shareholders" and unless I miss my guess shareholders will be left out in the cold. Even if we get a right to vote there are so many stakeholders that are shareholders that their vote will over ride any benefit that might take away from stakeholders.

[Pandora]

And just think I could have sold for a total $60.

[Pandora]

Let me rephrase that: $60 less commission.