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CALGARY, ALBERTA, Jul 16, 2009 (Marketwire via COMTEX) -- Oilexco Incorporated ("Oilexco" or "the Company") (OIL) obtained a court order today in its ongoing Companies' Creditors Arrangement Act proceedings permitting Oilexco and its subsidiary, Oilexco Technical Services Inc., to liquidate the remainder of their respective assets and propose a plan of compromise and arrangement to creditors that will have the effect of distributing all net proceeds of liquidation to creditors in proportion to the amount of each creditor's proven claim. The liquidation is expected to be concluded by September 30, 2009. After the liquidation has concluded and the proceeds have been distributed to creditors, there is not expected to be any remaining assets of value for shareholders. Ernst & Young Inc. has been acting as the court appointed Monitor while the Company has been under the protection of the CCAA and will oversee the liquidation. All Oilexco employees will be terminated by July 31, 2009, except for those people deemed by Oilexco and approved by the Monitor as essential to the liquidation process who will continue working on a contract basis. it is still possible to sell on TSX via your broker dont expect more than 1.5 canadian cents!
This is the deadest of dead parrots then. So long and thanks for all the fish. No money left over from liquidation for shareholders. What can we say, its roll with the punches time then. Hope your losses are not that great I really do.
so what does this mean exactly? good new or bad news?
type oilexco into the search box and proceed to page 2, then click on 6. Sixth Report of the Monitor, dated July 6, 2009
6. Sixth Report of the Monitor, dated July 6, 2009
This is what it says. Quoted from Arts Affidavit, July 6,2009 - page 2 points 5 and 6. 5) "if the material creditors(RBC, Sevan and Diamond Offshore)are all of the mind that they do not wish to receive anything other than a pure cash distribution, then Oilexco will seek an order to put a liquidating plan of arrangement to its creditors on or before August 31, 2009....." 6) One benefit of liquidating of CCAA application, as opposed to a bankrutpsy, will be that the capital losses in the approximate amount of $423 million and non-capital losses in the approximate amount of $49.2 million WILL BE PRESERVED FOR THE BENEFIT OF OILEXCO ON A GO FORWARD BASIS. MOREOVER, THE PUBLIC SHARE STRUCTURE OF OILEXCO WILL BE PRESERVED. Oilexco wil then be able to attempt to raise financing to utilize the PUBLIC SHELL in an attempt to resume its business operations of drilling and exploring in the UK North Sea.
Hi all, i have been digging around and discovered this link, pay close attention to point 6. Oilexco are playing a high risk strategy here but it does offer us hope, lets watch the next 6 weeks closely. http://documentcentre.eycan.com/eycm_library/Oilexco/English/Affidavits/7.%20Affidavit%20of%20Arthur%20Millholland,%20sworn%20July%206,%202009/Affidavit%20of%20Arthur%20Millholland,%20sworn%20July%206,%202009.pdf
Where did you find the info on talks of a rights issue?
talks of possible rights issue...............t b a !!!
Oilexco Inc. intends to issue the next default status report on July 6, 2009 if the year end regulatory documents are not filed before this date. They haven't done this so i would expect to see them relist the stock tomorrow. Any thoughts anyone?
Hi all , if there is anyone here, are there any updates on this bad boy. I have been checking the TSX for its listing and whislt it is not doing a lot its still trading on there even after the sixth default report notice. anyway anyone got any news if it is being restarted on the LSE.
Are these ever going to start trading again? if so when!!!!!
thanks for that ,have looked at Paulinsa,and thought i saw something about july 7th..cheers
if you look back at previous posts from paulinsa you will be more enlightened, we are now waiting for events to unfold on july 7th (court hearing) but things are now more in our favour.
could be!!!!!! fingers crossed....what are we waiting for? DMOR but can find nothing.
Could this be us? http://www.offshore247.com/news/art.aspx?id=13886
Anyone know when these will start up again!! if at all...
http://www.offshore247.com/news/art.aspx?id=13829 Having read this article, i am convinced that the RBS are desperate to make as much quick money as possible, it is my understanding that they are 70% owned by the government and can repay their debt at current market value. RBS shares are currently 39p. Come their year end (not sure when that is) they will buy back as much of their company as cheaply as is possible. After their results are published their share price will rocket and they will have to do at all again but will need to meet the new inflated market price. RBS are just trying to asset strip us for their own gain. If they suceed against us and get oilexco shut down we could all hedge our bets and buy loads of RBS shares. Somehow however, things seem to be moving in our favour, brent crude is now 62$ a barrel and China has start ed stock piling vast quantities of the black stuff. I have to say i am still opamistic about the future of oilexco, we now know for certain that they still hold North sea lic.ences
That says at least they have some in November... question is how many went with ONSL if any. Had I been advising on this, i would have suggested that licences stayed with the parent and were leased to the subsid ONSL. I'm getting the feeling that is exactly what happened (price for ONSL, yesterday's news etc.) so there is still hope provided RBS leaves them the hell alone. With oil price rising these guys have to have an ace or 2 up their sleeve. If there is to be a pain developing in the ar*se it will be RBS and their seemingly personal project to shut OIL down once and for all. Lets hope they dont get that chance. Stopping the drilling seems a tad silly to me if you want your investment back in a company....
have a look at this link and see what you think http://www.stockhouse.com/Community-News/2008/November/13/Oilexco-shares-tumble-after-licence-announcement