Bonavista Obtains Final Court Order Approving its Recapitalization Transaction

Source Company Press Release
Company Bonavista Energy Corporation
Tags Corporate: Overview/Strategy, Country: Canada
Date August 04, 2020

Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") today announced that, in connection with the previously announced recapitalization transaction (the "Recapitalization Transaction") described in the Company's management information circular dated July 2, 2020, the Company has obtained a final order (the "Final Order") from the Court of Queen's Bench of Alberta approving the plan of arrangement under the Canada Business Corporations Act (the "Plan of Arrangement") pursuant to which the Recapitalization Transaction is being implemented.

As previously announced, the Plan of Arrangement was approved by holders of the Company's outstanding (i) 4.37% Notes due November 2, 2020; (ii) 4.25% Notes due October 25, 2021; (iii) 4.47% Notes due November 2, 2022; (iv) 3.68% Notes due May 23, 2023; (v) 4.09% Notes due May 23, 2023; (vi) 3.80% Notes due April 25, 2025; and (vii) 3.78% Notes due May 23, 2025 ("Senior Noteholders") and holders of the Company's common shares and exchangeable shares (the "Shareholders") at the Senior Noteholders' and Shareholders' meetings both held on July 30, 2020.

It is expected that the Recapitalization Transaction will be completed by mid-August, 2020, subject to the satisfaction or waiver of all other conditions to the Plan of Arrangement.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd