10:14:57 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Energy Summary for Sept. 2, 2016

2016-09-02 19:08 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 68 cents to $44.20 on the New York Merc, while Brent for November added 89 cents to $46.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.20 to WTI ($30.00), down from a discount of $14.15. Natural gas for October lost two cents to $2.79. The TSX energy index added 2.27 points to close at 197.86.

The week went out with a whimper for Twin Butte Energy Ltd. (TBE: $0.025, halted), which has officially entered receivership. In the wake of Monday's collapse of a proposed takeover that was shot down by dissident debentureholders, and the subsequent demand by lenders for the repayment of over $200-million, Twin Butte headed to court yesterday for the appointment of a receiver. It did not have to move this fast. A 10-day notice period for the enforcement of the lenders' demand was available under the Bankruptcy and Insolvency Act, but on Tuesday Twin Butte chose to waive the period, citing its poor financial health and the fact that it already undertook a "thorough review of strategic alternatives." The dissident debentureholders would disagree with that. Less than an hour after Twin Butte's receivership announcement on Tuesday, the ad hoc group of debentureholders that had publicly opposed the takeover published an alternative proposal: a restructuring, under which Twin Butte would file for creditor protection and then complete a sale of "certain assets identified by [the group]," a private placement of up to $19-million and a rights offering of up to $11-million. Debentureholders and other holders of claims would end up at least with 68 per cent of the resulting issuer. The ad hoc group (not surprisingly) found this a much more palatable alternative to receivership. Twin Butte waved them off and headed to court. Although it did not issue a press release about its entry into receivership until shortly before today's close, a page had already appeared on the website of FTI Consulting Canada Inc., which identified itself as the receiver appointed yesterday. FTI plans to continue Twin Butte's operations in normal course as it runs a sales process.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed