OPTI Canada plan wins court OK; CNOOC expects fourth-quarter closing

By Caroline Salls

Pittsburgh, Sept. 8 - OPTI Canada Inc.'s plan of arrangement was sanctioned on Wednesday by Court of Queen's Bench of Alberta, according to a release included in a 6-K filed with the Securities and Exchange Commission by CNOOC Ltd.

As previously reported, OPTI Canada entered into an agreement with CNOOC indirect wholly owned subsidiary CNOOC Luxembourg Sarl in July 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.

The plan was approved by holders of 99.97% of OPTI's second-lien notes at a meeting held Wednesday.

CNOOC said the transaction is expected to close in the fourth quarter.

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

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