The Globe and Mail reports in its Friday edition that a lending syndicate has pushed debt-heavy junior producer Spyglass Resources into receivership. The Globe's Jeffrey Jones writes Spyglass, formed in 2013 by merging three junior producers, said its directors resigned. The company acknowledged it would fail to make a mandated $35-million payment on its credit facility by Nov. 30. Its struggles with high debt predated the energy downturn. The shares, at five cents on the Toronto Stock Exchange, are down 93 per cent in the past year. This year, banks and other lenders have been largely willing to make accommodations for companies that have fallen afoul of debt covenants by renegotiating terms as crude markets have sputtered. Analysts say, however, that the longer the rout lasts, the less willing they will be to give companies time to cut debt through asset sales and other means. More producers are expected to meet the same fate as Spyglass, which has $175-million in net debt and a market capitalization of $6.4-million. In early November, its $100-million credit facility was amended to limit the company's ability to use it. National Bank is helping to sell its producing properties.