Ivanhoe Energy restructuring proposal deadline pushed back to June 1

By Caroline Salls

Pittsburgh, May 6 – Ivanhoe Energy Inc.’s application for an extension of the filing of its restructuring proposal with the official receiver under the Bankruptcy and Insolvency Act (Canada) was extended by the Court of Queen’s Bench of Alberta to June 1 from May 5, according to a news release.

Ivanhoe filed its notice of intention to make a proposal on Feb. 20. Since then, the company said it has been working with proposal trustee Ernst & Young Inc. to create a proposal for presentation to its creditors.

In addition, Ivanhoe said Blair Vigo submitted his resignation as acting vice president of finance and chief financial officer, effective May 31. He will be available to assist the company on a contract basis beginning June 1.

Ivanhoe is a Vancouver, B.C.-based heavy oil exploration and development company focused on Canada, the United States and Ecuador.

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