OPTI Canada gets additional plan support from second-lien noteholders

By Caroline Salls

Pittsburgh, July 27 - OPTI Canada Inc. and its second-lien notes purchaser and guarantor have entered into more support agreements under which OPTI's second-lien noteholders have agreed to vote in favor of its plan of arrangement, according to a Cnooc news release.

As a result, Cnooc said holders of 82% of the second-lien notes have entered into support agreements.

As previously reported, OPTI Canada entered into an agreement with Cnooc Ltd. indirect wholly owned subsidiary Cnooc Luxembourg Sarl earlier this month for the acquisition of the company's second-lien notes and all of the outstanding shares of OPTI through a transaction valued at $2.1 billion.

Under the plan of arrangement, a majority in number of the voting second-lien noteholders, representing at least 66 2/3% in principal amount of the notes, must vote in favor of the plan at a meeting to be held in September.

According to an OPTI Canada news release, the Toronto Stock Exchange will delist OPTI's common shares at the close of market on Aug. 26.

The company said the shares will be delisted for failure to meet continued listing requirements as a result of OPTI's Companies' Creditors Arrangement Act proceeding.

The shares will be suspended from trading until the delisting occurs.

OPTI said its delisting will not affect the $0.12 per common share transaction payment.

The company said it plans to apply for a listing on the TSX Venture Exchange as soon as possible.

OPTI Canada is a Calgary, Alta.-based company focused on developing oil-sands projects.

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