Connacher Oil and Gas stay, interim revolver extended to Jan. 31, 2018

By Caroline Salls

Pittsburgh, June 27 – Connacher Oil and Gas Ltd. obtained an extension of the stay of proceedings granted in its Companies’ Creditors Arrangement Act proceeding to Jan. 31, 2018 and entered into a revolving credit facility approval and modification agreement with its interim lenders, according to a news release.

The agreement with the lenders is related to the company’s interim revolving credit facility, which was approved by the Court of Queen’s Bench of Alberta as part of the CCAA proceeding on May 17, 2016.

Specifically, the interim lenders have agreed to extend the maturity date of the credit agreement to Jan. 31, 2018 from Dec. 31, 2017 to correspond with the stay extension.

Connacher is a Calgary, Alta.-based developer, producer and marketer of bitumen from oil sands.

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