Connacher’s Canadian plan of arrangement supported by most noteholders

By Kali Hays

New York, March 30 – Connacher Oil & Gas Ltd. announced that 97.21% of its voting noteholders approved its plan of arrangement while 2.79% of noteholders voted against, according to a news release.

With the noteholder approvals, the company intends to gain a final approval order on the plan of arrangement and its proposed recapitalization from the Court of Queen’s Bench of Alberta.

A hearing is scheduled for March 31.

As previously reported, Connacher’s recapitalization includes the exchange of C$1 billion of debt for common shares in order to reduce the company’s debt and interest expense and to provide additional liquidity to fund ongoing operations.

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

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