GREY:PSLRF - Post by User
Post by
righand2on Feb 09, 2015 11:58pm
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Post# 23413024
Seeking creditor protection
Seeking creditor protection
After careful consideration of all available alternatives, the board of directors of Palliser Oil & Gas Corp. has determined that it is in the best interests of Palliser and all of its stakeholders to seek creditor protection under the Companies' Creditors Arrangement Act (Canada), and will make an application to the Court of Queen's Bench of Alberta on Feb. 12, 2015, to seek such protection. Palliser received a "Notice of Intention to Enforce Security" from its banker, National Bank of Canada (the "Bank"), on January 27, 2015, with demand that the full amount of Palliser's indebtedness outstanding as at January 27, 2015 of approximately $40,000,000 be repaid by the close of business on February 6, 2015. Palliser was not and is not in a position to meet the demands of the Bank