Mr. Jason Skehar reports
BONAVISTA ENERGY CORPORATION PROVIDES FINANCIAL UPDATE
Bonavista Energy Corp. and Canadian Imperial Bank of Commerce (CIBC), as administrative agent on behalf of a syndicate of lenders including CIBC, Toronto-Dominion Bank, Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, National Bank of Canada, ATB Financial and Federation des Caisses Desjardins du Quebec, under Bonavista's existing unsecured $500-million bank credit facility, have agreed, subject to certain conditions, to a waiver of conditions precedent to drawdown under the facility until April 27, 2020. This will enable the company to access the facility, up to $25-million above the amount currently drawn, for ordinary course operational purposes.
The company continues to adapt to this unprecedented operating environment with numerous cost-reduction and cost-deferral initiatives, including continued discussions with its creditors to design a practical path forward to reorganize the company's near-term debt maturities. The temporary waiver does not address, and is without prejudice to, the matters addressed in the company's press release dated March 18, 2020, regarding the drawdown request previously made under the facility and referred to in such release.
We seek Safe Harbor.
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