Lightstream Resources to request approval of noteholders’ credit bid

By Caroline Salls

Pittsburgh, Nov. 23 – Lightstream Resources Ltd. said a credit bid submitted by an informal committee of holders of 91.5% of its 9 7/8% second-lien secured notes due 2019 is the winning bid for its assets.

As previously reported, the noteholders submitted a credit bid for the full amount of the claims outstanding on those notes and debt in priority to the secured notes.

According to a news release, the company will seek to implement the credit bid by finalizing the terms of a definitive agreement and applying to the Court of the Queen’s Bench of Alberta for an approval and vesting order in Lightstream’s Companies’ Creditors Arrangement Act proceedings.

A hearing is expected to be held on Dec. 8, and the transaction is expected to close before Dec. 31.

Lightstream is an oil and gas exploration and production company based in Calgary, Alta.

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