Twin Butte Energy Ltd TBTEF

RE:RE:RE:RE:Extension is granted

[HamSandwich]

MichaelSilvia1 wrote: I read this earlier. What I am asking for is a source for burge's claims that news is out that an "extension is granted" and that they "are working on deals or offers". I have money invested in TBE and don't appreciate people posting "news" that hasn't happened yet.

Al42 wrote:

Press release from CNW Group

Twin Butte provides corporate update

Sunday, May 01, 2016

 

Twin Butte provides corporate update

12:14 EDT Sunday, May 01, 2016

CALGARY, May 1, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") announces that it is in discussions with its bank syndicate to extend the maturity date of its $85 million non-revolving credit facility from April 30, 2016 to enable the Company to continue with its strategic alternatives process.

As announced on December 9, 2015, Twin Butte has engaged Peters & Co. Limited and National Bank Financial Inc. as its financial advisors to advise the Company in connection with a comprehensive review and analysis of its strategic alternatives process. Strategic alternatives may include, but are not limited to, a debt restructuring, a sale of all or a material portion of the assets of Twin Butte, either in one transaction or in a series of transactions, the outright sale of the Company, or merger or other transaction involving Twin Butte and a third party, and/or alternative financing initiatives.

While the Company remains optimistic with respect to reaching an agreement to extend the maturity date of its non-revolving credit facility, the Company cautions that there are no assurances or guarantees that the discussions with its lenders will result in a formal agreement to extend such maturity date. Furthermore, the Company cautions that there are no assurances or guarantees that Twin Butte's process will result in a transaction, or if a transaction is undertaken, the terms or timing of such a transaction.

Within the context of the ongoing strategic alternatives process, the current low oil price environment and the aforementioned debt repayment milestone, there is uncertainty surrounding the Company's ability to continue as a going concern. While the Company is in discussions with its lenders, failure to repay the non-revolving facility when due (unless otherwise extended) will constitute an event of default and entitle the syndicate to exercise its remedies under the credit facility, including acceleration of the credit facility and realization over the assets of the Company.

Obviously he has no source.  All he does is spam this forum day after day with nonsense.

The same article has been reposted 20 times today, there is no new info beyond the 12pm news release.

If there is any press release it'll end up on this board within 5 minutes.