CALGARY, ALBERTA--(Marketwired - May 31, 2013) - FairWest Energy Corporation ("FairWest" or the "Company") (TSX VENTURE:FEC) announces that an Order was obtained on May 28, 2013 from the Court of Queen's Bench of Alberta (the "Court") extending the stay of proceedings granted to FairWest under the Companies' Creditors Arrangement Act ("CCAA") to July 3, 2013 (the "May 28 Order").
The May 28 Order also provides for an increase in maximum amount available under the debtor-in-possession financing facility with Supreme Group Inc. to $1,765,000.
FairWest also announces today that its board of directors have resigned. As a result of the resignation of the directors, the May 28 Order grants PricewaterhouseCoopers Inc., the court-appointed monitor of FairWest (the "Monitor") with additional powers to, among other things, select the successful bid from amongst the bids submitted pursuant to the Sale and Investment Solicitation Process set out by Order of the Court dated March 19, 2013 and oversee and direct the completion of the transaction contemplated by the successful bid.
FairWest also announces that Doug McNichol has resigned as President and Chief Operating Officer of FairWest. FairWest thanks Mr. McNichol for his service and contribution to FairWest, particularly during the CCAA proceedings and wishes him all the best in his future endeavours. In addition, Marion Mackie has resigned as Chief Financial Officer of FairWest, however, pursuant to the May 28 Order, Mrs. Mackie has been appointed as the Chief Restructuring Officer ("CRO") for FairWest. The CRO is authorized to operate and carry on the business of FairWest during the CCAA proceedings.
319,654,775 Common Shares Issued |