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Following its successful restructuring process, Hertz's creditors will receive payment in cash in full and existing shareholders will receive more than $1 billion of value. Shares of Hertz common stock will continue to be publicly traded on the over-the-counter (OTC) market, until such time as the Company relists on a national securities exchange. The new ticker symbols effective July 1 will be HTZZ for Hertz common stock and HTZZW for warrants.
tree fern, copl couldn’t bid for their subsidiary. copl have put this ****show into motion months ago and no doubt has been a well orchestrated steal of the asset from us lot of idiots who have paid for the infrastructure and the ggs set up.
all packaged up and ready to go to the highest bidder on the cheap.
shocking but this is a dirty game with multi-million profits there for the taking.
SaintNick - totally concur that this has been planned for a considerable period and clearly well before the JVP announcement to “walk away”.
Maybe there’s been a deal done with the devil to “steal” the asset. Certainly looks like it.
3. The Company was required to appoint both a Chief Restructuring Officer and a financial advisor whose identities and scope of work were both subject to the approval of the senior lender;
4. Within 45 days, an agreement with the senior lender on a process and milestones for either a comprehensive sale of the Company's US assets, a foreclosure of the Company's equity interests in its US assets or a "take out offer" in an amount satisfactory to the senior lender.
5. Within 30 days, a business plan must be delivered to the senior lender that includes proposed steps and terms for the sale of the Company's US assets.
The Chief Restructuring Officer has been appointed by the Company in compliance with the Forbearance Agreement and the approval of the senior lender and, like the members of the Board, has no business or other relationship with Anavio.
Let’s hope it’s a take out type offer for the lot.
The Chief Restructuring Officer has been appointed by the Company in compliance with the Forbearance Agreement and the approval of the senior lender and, like the members of the Board, has no business or other relationship with Anavio.
Hi Stas.
2nd Jan RNS
Senior lender support
In concert with the Financing, COPL and its affiliates entered into a
Forbearance Agreement with its existing Senior Credit Facility Lender and
appointed Peter Kravitz of Province Fiduciary Services as Chief Restructuring
Officer.
Worth a good read.
https://fastercapital.com/content/Creditors--interests--Safeguarding-Rights-with-Stalking-Horse-Bids.html
Plan of arrangement (Companies' Creditors Arrangement Act "CCAA")
The CCAA offers a court-driven process that is a flexible and powerful tool for restructuring or liquidating companies in financial difficulty. The purpose of the CCAA is to avoid bankruptcy by allowing the debtor to restructure its affairs under the supervision of the court. It is Canada's preferred process for large and complex restructuring and reorganizations.
As a first step, the insolvent company will make an application to the court under the CCAA. Once the application is granted, the court will make an initial order granting the insolvent company a stay of proceedings. The CCAA grants broad discretion to the court to make orders necessary to facilitate the restructuring. Typically, the court will exercise its discretion to grant CCAA protection if a restructuring or orderly liquidation would benefit creditors.
Once CCAA protection is granted, the insolvent company will attempt to develop a plan of arrangement or compromise for its creditors. There are no restrictions on what terms this plan may include. Frequently, there is an offer to pay a fixed amount divisible among creditors, either as a lump sum or over time. Conversion of debt to shares is also common. Once the company develops the plan, it will be put to the creditors for approval and must be sanctioned by the court. If a plan is not approved, the insolvent company can pursue other restructuring options. If there is none, the senior secured creditor or unsecured creditors will typically seek to lift the stay of proceedings to exercise their available remedies against the insolvent company. This typically results in the insolvent company being placed into bankruptcy.
Alternatively, the CCAA proceeding may also be used as a mechanism to effect the sale of all or part of the debtor's assets or business either through a sales process or a pre-packaged sale transaction arranged prior to the CCAA filing but subject to court approval.
I really do appreciate Sharebel’s input in here today. A lot of sense and info being out in here to try and help shareholders understand the course of action COPL / Kravitz has went down which will hopefully help get a deal done to save the company and ultimately benefit us lot.
“We estimate the Frontier element of the discovery to cover an area of approximately 51 square miles with the capacity of up to three horizontal wells per square mile each initially producing 1,000 - 3,000 barrels per day,” Millholland added in the statement.
“We plan a phased production program and have already applied for permits covering four horizontal wells. We will use internal resources to cover the initial costs of development whilst full field development plans are evaluated. This discovery highlights the long-term sustainable production outlook from this outstanding asset,” the COPL CEO went on to say.
Millholland noted that conventional light oil discoveries of this magnitude have been rare in continental North America for years, if not decades.
The we have
COPL had two confidential well drilling permit applications approved and as recorded in WOGCC, with API numbers :
49-009-49001
APD description:
"Southwestern Production Corp proposes to drill a well to 9026 TVD/ 11,118 MD to test the Frontier 1 B formation. "
49-009-49002
APD description:
"Southwestern Production Corp proposes to drill a pilot hole to 9,079' TVD in the Frontier formation, then kick off horizontally to 8,961' TVD/11,053' MD to test the Frontier 2 D Sand formation."
The number of drilled wells listed in WOGCC in well status:
http://pipeline.wyo.gov/OperatorsFrame.cfm?Oops=1
which lists 2 confidential wells.
So from this data, can it be assumed that the two confidential wells were drilled (not just permitted) , were not P&A and so may currently be operational?