Connacher Oil Says Reviewing Alternatives After Court Rejects Recapitalization

(RTTNews) - Connacher Oil and Gas Ltd. (CLL.TO) said that on Thursday, April 2, 2015, the Court of Queen's Bench of Alberta dismissed its application for a final order to implement a proposed recapitalization transaction approved by its shareholders and noteholders.

The proposed recapitalization was aimed at significantly reducing the company's debt and annual interest expense, and to provide additional liquidity to fund ongoing operations.

Connacher said it is now assessing its alternatives and will continue its process to devise and implement a strategy to address its liquidity and capital structure. The company noted that the process could result in the sale of all or a portion of its assets.

However, the company added there can be no assurance that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.