Tuscany International Drilling Inc. Announces Sale of Heli-Portable Rigs
CALGARY, ALBERTA--(Marketwired - April 11, 2014) - Tuscany International Drilling Inc. ("Tuscany" or the "Company") announces the execution of a definitive agreement by its wholly-owned subsidiares, Tuscany Rig Leasing S.A. and Tuscany Perfurações Brasil Ltda., with respect to the sale of heli-portable drilling rigs 115 and 116 located in Brazil, including all related equipment owned or used by Tuscany in connection with the rigs (the "Transaction"). The aggregate consideration payable to Tuscany pursuant to the Transaction is USD $29,000,000, USD $6,000,000 of which has been deposited into escrow.
The proceeds from the completion of the Transaction will be used by Tuscany to reduce its indebtedness under its secured credit facility.
The Transaction is subject to customary closing conditions. The Transaction is expected to be completed in mid-May.
For information on developments concerning and documents relating to the Company's previously announced proceedings under Chapter 11 of the United States Bankruptcy Code, please refer to the website of Prime Clerk LLC, the administrative advisor, at https://cases.primeclerk.com/tuscany/.