Argent Energy Trust completes the sale of substantially all assets
May 17 2016 - 6:32PM
PR Newswire (Canada)
CALGARY, May 17, 2016 /CNW/ - Argent Energy Trust
("Argent" or the "Trust") announces that it has
completed the previously announced sale of substantially all of the
assets of Argent Energy (U.S.) Holdings Inc., an indirect
wholly-owned subsidiary of the Trust, to BXP Partners IV, L.P. (the
"Transaction"). The Transaction was approved by the Court of
Queen's Bench of Alberta and the
United States Bankruptcy Court (collectively, the
"Courts") on May 10, 2016 and
May 11, 2016, respectively.
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) 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
are insufficient to provide any funds for distribution to
unitholders or debentureholders of the Trust.
Additional details relating to the Transaction and the Sale
Solicitation Process 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
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