GREY:ROAOF - Post by User
Post by
JpMisHon Mar 26, 2009 3:12pm
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Post# 15874148
Wake up please...
Wake up please...Calgary, Canada, March 25, 2009 - Oilexco Incorporated (“Oilexco”) (TSX-V: OIL; LSE: OIL) has been advised by the Administrators of Oilexco North Sea Limited (ONSL) that the Administrators have entered into a contract for Premier Oil to acquire all the shares of ONSL for $505 million subject to a Company arrangement with the creditors, failing which Premier will acquire the business and assets of ONSL for $415 million.
Oilexco understands the sale price is less than the amount owed by ONSL to its creditors and that the total consideration payable to Oilexco under the Share Acquisition Agreement is $1. As a result, Oilexco will not receive funds in excess of $1 from the sale which is expected to close in late May. Oilexco remains in CCAA as announced on February 5, 2009 and will continue to provide the market with timely updates.
Above clearly explains the firesell and oilexco is done!!! There is no white Night, or anything stop dreaming!! You're not detective ok! I sold mine, all of it and i'm finally out... Sad but this company has lost all its assets, if they file for bankrupcy after the sale is done, all the rest of the debts will be written down and story ends there.
In this kind of financial crisis you need miracle on top of miracle for things to work for this company but unfortunately it wasn't the case....