Southern Pacific Resource Corp STPJF

Accusation that management ignored re-finance prior to CCAA

[dbinvestor]

Good  link Monzie . I missed that on the Price Waterhouses monitor page.

Reading this has disturbed me enough that I just signed up for stockhouse.

I think I will  contact one of the legal teams involved to discuss this more and see what my options are

The boad and exec team has a fudiciary duty to act in the best interest of the shareholders. Ignoring a creditor's offer to refinanc ethe debt  for months (I read September in your link) looks to me to be complete incompetance given whats transpired.  Especially when the creditor indicates that they wish to be notified, prior to any CCAA filing, to offer a restructuring plan.

And I agree with the 2nd lien holders, how can you get any reasonable price if you have such a short time for bids?? These are oil producing assest with approx 240 mill barrels proven/probable in the ground - why the Firesale?

Notice how there was an extension request to April 27th.  I wonder if the complaints fomr the 2nd lien holders forced that.

[birdie22]

April 27th is the new Stay date for the CCAA, I believe the SISP date is now April 2-15 as requested by the Company maybe based on the 2nd lien complaints.

[Pandora]

A day late and a dollar short as they say. Where the hill was this a year ago ( or was it disguised as looking at alternatives -- all of which were dismissed): CALGARY, ALBERTA--(Marketwired - Feb. 20, 2015) - Southern Pacific Resource Corp. (TSX:STP) (the "Company" or "Southern Pacific") is a thermal heavy oil and bitumen producer based in Calgary, Alberta. Southern