CALGARY, May 11, 2016 /CNW/ - Argent Energy
Trust ("Argent" or the "Trust") announces that
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, collectively with
the Trust and Argent Canada, the "Applicants"), have
obtained the approval of the Court of Queen's Bench of Alberta (the "Court") and the
United States Bankruptcy Court with respect to the purchase and
sale agreement (the "Sale Agreement") dated April 14, 2016 between Argent U.S. and BXP
Partners IV, L.P. (the "Purchaser"), providing for the
sale of substantially all of the assets of Argent U.S. to the
Purchaser, together with all other matters contemplated by the Sale
Agreement (the "Transaction").
The Transaction is a result of the previously announced
Court-approved sale solicitation process (the "Sale
Solicitation Process") conducted within the Companies'
Creditors Arrangement Act (Canada) (the "CCAA") and Chapter 15 of
Title 11 of the United States Bankruptcy Code under the supervision
of FTI Consulting Canada Inc. (the "Monitor"), the
Court-appointed Monitor. The proceeds received from the Transaction
will be insufficient to provide any funds for distribution to
unitholders or debentureholders of the Trust.
The Applicants also obtained an order (the "Extension
Order") from the Court on May 6,
2016 further extending the stay of proceedings previously
granted by the Court to June 30, 2016.
Additional details relating to the Transaction, the Sale
Solicitation Process and the Extension Order 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 proceedings at 1-877-754-5840.
SOURCE Argent Energy Trust