TRAFINA ENERGY LTD V.TFA.A

Guys sell b4 they suspend trading..

[venturecop1]

Take your tax loss before this goes to court.

 

"The Company also announces that the Company's lender under its secured credit facility has made a demand on the Company for repayment of all indebtedness under the facility, which is currently in the amount of approximately $3.34 Million. The demand is due to the Company being in breach of certain of its covenants under the facility as a result of the Company's current debt and liquidity problems associated with, among other things, the continuing depressed commodity price environment.

Management of Trafina is working with its lender to come up with a plan to repay the indebtedness under the facility, which plan may include the sale of assets, Trafina entering into farm-in or other funding arrangements with industry partners, raising equity or debt capital or other corporate or asset restructurings. If the Company is unable to satisfy the repayment requirement or maintain adequate forbearance arrangements with its lender, the lender may appoint a receiver to liquidate the Company's assets or take other realization remedies against the Company, or the Company may be forced to seek creditor protection or voluntary receivership in order to resolve the demand. There is a risk that the Company's assets may not be sufficient to satisfy the demand plus the costs associated with a realization or liquidation in respect thereof."