Twin Butte Energy Ltd TBTEF

Look How Long Connacher Receivership is Dragging Out

[PetroExplorer]

There have been a bunch of extensions.  The extended plan was:

Phase II Deadline:  August 19, 2016

Court Approval of Succesful Bids:  August 31, 2016

Closing of Transaction(s):  September 7, 2016


"On or about the Pase II Bid Deadline, Connacher received multiple bids to acquire the property and/or business of Connacher (the "Phase II Bids"). Connacher and the Monitor have reviewed the Phase II Bids with the Interim Lenders adn the other Consultation Parties (as defined in the SISP).  Based upon the feedback from the interim lenders and other Consultation Parties, Connacher and the Monitor are continuing discussions and negotiations with certain bidders that submitted Phase I Bids."

"Pursuant to an Order of this Honourable Court dated September 13, 2016, the Stay Period expries on November 15, 2016.  Connacher is seeking an extension of the Stay Period up to and including January 13, 2017 (the "Stay Extension").

"It is the Monitor's view that the Stay Extension is necessary to allow the Company to continue with the sale and restructuring discussions noted above.  Connacher is forecasted to have sufficient liquidity to operate during the period covered under the stay extension."

"It is the Monitor's view, Connacher is acting in good faith and with due diligence."

This sort of scenario, is what should have happened with Twin Butte, who is a lot less debt-ridden, than Connacher.  Hopefully more time can be granted, as with many other companies, that were alot worse off.