CALGARY, Feb. 19, 2016 /CNW/ - Argent Energy Trust
(the "Trust") (TSX: AET.UN) announces that, as part
of the initial order (the "Initial Order") granted on
February 17, 2016 by the Court of
Queen's Bench of Alberta (the
"Court"), the Trust and its direct and indirect
subsidiaries, Argent Energy (Canada) Holdings Inc. ("Argent Canada") and Argent Energy (U.S.) Holdings
Inc. ("Argent U.S.", and together with the Trust and Argent
Canada, the "Applicants" or "Argent"), have received
court approval for the continuation of the previously announced
sale solicitation process (the "Sale Solicitation Process")
to be conducted within the CCAA proceedings by The Oil & Gas
Clearinghouse, LLC ("OGAC") under the supervision of FTI
Consulting Canada Inc. (the "Monitor"). The Court also
approved the continued engagement of OGAC as sales agent in
connection with the Sale Solicitation Process. The Sale
Solicitation Process is intended to generate interest in either the
business or the assets of Argent U.S. with the goal of maximizing
the return in respect of the assets of the Applicants.
The Sale Solicitation Process procedures attached as Schedule
"A" to the Initial Order (the "Sale Procedures") describe
the manner in which prospective bidders may gain access to or
continue to have access to due diligence materials concerning
Argent U.S. and its assets, the manner in which bidders and bids
become Qualified Bidders and Qualified Bids (as each term is
defined under the Sale Procedures), respectively, the receipt and
negotiation of Qualified Bids received, the ultimate selection of
the successful bidder(s) and the approval thereof by the Court, the
Applicants and Argent's lending syndicate.
The Monitor will supervise the Sale Solicitation Process.
Qualified Bidders, if they wish to submit a bid, are required to
deliver written copies of a binding proposal for the acquisition of
Argent U.S. or its assets, business or undertaking, or any portion
or combination thereof, to OGAC, with a copy to the Monitor, at the
addresses specified in the Sale Procedures, no later than
5:00 p.m. (Central Standard Time) on
March 17, 2016, or such other date or time as may be agreed to
by OGAC, in consultation with the Monitor, the Applicants and
Argent's lending syndicate. Late bids will not be considered. The
bid proposal must be in a form such that the acceptance thereof by
the Applicants will result in a binding agreement.
Parties interested in participating in the Sale Solicitation
Process, and obtaining information with respect to the business and
assets of Argent U.S., should contact Pat
Dapra, Manager – Negotiated Transactions of OGAC, at (832)
631-7655 or pdapra@ogclearinghouse.com, or visit
http://www.ogclearinghouse.com.
Additional details relating to the CCAA proceedings and the Sale
Solicitation Process, including the Sale Procedures, are available
on the Monitor's website at
http://cfcanada.fticonsulting.com/argent. The Monitor has also
established an information hotline for enquiries regarding the CCAA
process at
1-877-754-5840.
Further news releases in respect of the CCAA process and the
Sale Solicitation Process will be provided on an ongoing basis as
may be determined necessary.
SOURCE Argent Energy Trust