Transeuro Energy asks bondholders to approve proposal to allow payment

By Caroline Salls

Pittsburgh, July 2 – Transeuro Energy Corp. is asking holders of its senior secured convertible bond issue 2012/2015 to approve a proposal that should allow the company to make the interest payment on the bonds that was due on May 22, according to a news release.

Specifically, Transeuro said the summons for a July 16 bondholders’ meeting includes a standstill proposal that gives the company time to conclude transactions related to its assets and to receive payment from those transactions.

The funds received should allow Transeuro to make the interest payment and other payments to resume share trading on the TSX Venture Exchange and the Oslo Stock Exchange.

Transeuro Energy is a junior oil and gas exploration company based in Calgary, Alta.

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