FairWest Defaults Under Debtor-In-Possession Financing
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 09/19/13 -- FairWest Energy Corporation ("FairWest" or the "Company") (TSX VENTURE: FEC) announces that on September 17, 2013, Supreme Group Inc. ("SGI") served FairWest with a demand letter and Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (the "Demand Letter") in respect of amounts owing to SGI by FairWest under the debtor-in-possession financing provided by SGI to FairWest (the "DIP Financing").
SGI has provided DIP Financing to FairWest since FairWest commenced proceedings under the Companies' Creditors Arrangement Act on December 12, 2012. On July 16, 2013, the Court of Queen's Bench of Alberta (the "Court") approved certain amendments to the DIP Financing, including additional events of default which, if triggered, could result in SGI withdrawing its funding from FairWest.
The DIP Financing provided that it was an event of default if, on or before September 1, 2013, (i) the Alberta Energy Regulator (the "AER") had not consented to the transfer of licences for the licensed wells and facilities included in SGI's offer (the "Offer") submitted pursuant to the Sale and Investment Solicitation Process approved by the Court on March 19, 2013 and (ii) no order had been made by the Court on notice to the AER approving the Offer. Consent was not obtained from the AER and no order was made by the Court by September 1, 2013.
The Demand Letter requires FairWest to repay the amount of $1,836,510.98 plus all additional accrued and unpaid interest, fees and costs due under the DIP Financing. If payment or other arrangements satisfactory to SGI for payment cannot be made, SGI will take such further steps as it deems necessary to recover the amounts owing, which could include the appointment of a receiver over the property, assets and undertakings of FairWest.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Datum: 19.09.2013 - 15:10 Uhr
Sprache: Deutsch
News-ID 298425
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CALGARY, ALBERTA
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Oil & Gas
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