MQL loses court battle - Bankruptcy looms
Alberta Oilsands' Marquee deal needs holder OK first
2016-09-16 18:30 ET - News Release
Mr. Binh Vu reports
ALBERTA OILSANDS INC. PROVIDES STRATEGIC TRANSACTION UPDATE
The Court of Queen's Bench of Alberta has ordered that the final order application of Marquee Energy Ltd. to the court in connection with the proposed plan of arrangement involving Marquee, Alberta Oilsands Inc. and the shareholders of Marquee, which was scheduled for Sept. 21, 2016, is adjourned and shall not be brought back on for hearing until Alberta Oilsands has held a shareholders meeting to consider and vote upon the arrangement on the terms provided in the Court's order. Under the terms of the order, the number of votes required to pass the resolution of Alberta Oilsands' shareholders approving the arrangement shall be not fewer than two-thirds of the votes duly cast by Alberta Oilsands shareholders.
Alberta Oilsands is currently considering its alternatives and will disclose developments with respect to the arrangement as they materialize.
We seek Safe Harbor.