An anonymous director reports
CANADIAN OVERSEAS PETROLEUM LIMITED - ORDER GRANTED APPROVING A SALES AND INVESTMENT SOLICITATION PROCESS AS WELL AS ORDER AMENDING AND RESTATING THE INITIAL ORDER
On March 8, 2024, Canadian Overseas Petroleum Ltd. and its subsidiaries sought and obtained an initial order from the Alberta Court of King's Bench pursuant to the Companies' Creditors Arrangement Act.
On March 19, 2024, the court granted an order approving a sales and investment solicitation process (the SISP) to solicit bids to purchase the business and/or assets of the Canadian Overseas group, as well as an order amending and restating the initial order (the ARIO) to, among other things, extend the stay of proceedings contemplated therein to May 20, 2024.
Copies of the initial order, the SISP order, the SISP, the ARIO and all related materials are available on the monitor's website.
The company intends to seek recognition of the ARIO and the SISP approval order in the United States Bankruptcy Court for the district of Delaware.
Additional information
Osler, Hoskin & Harcourt LLP and Potter Anderson LLP are serving as restructuring counsel to the company in Canada and the United States, respectively. As previously announced, Peter Kravitz of Province Fiduciary Services is serving as the company's chief restructuring officer.
About Canadian Overseas Petroleum Ltd.
Canadian Overseas is an international oil and gas exploration, development and production company headquartered in Calgary, Alta.
We seek Safe Harbor.
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