representative work

Connacher Oil and Gas Limited Announces Effectiveness of its Restructuring Plan and Emergence from CCAA

09/30/2019

On September 30, 2019, Connacher Oil and Gas Limited announced the effectiveness of its Amended and Restated Plan of Compromise and Arrangement dated July 16, 2019 (the “Plan”), which was sanctioned on July 16, 2019 by the Court of Queen’s Bench of Alberta in Connacher’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”).

Upon effectiveness of the Plan, the first lien lenders party to the First Lien Credit Agreement dated May 23, 2014, as amended, acquired all of Connacher’s share capital, and all existing equity interests in Connacher, including all of Connacher’s outstanding common shares, were cancelled. The stay of proceedings in Connacher’s CCAA proceeding was terminated, resulting in Connacher’s emergence from protection under the CCAA.

Cassels acted for Connacher in connection with the CCAA proceeding and the Plan transaction.