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
For further information: concerning this press release, please contact: Sean Bovingdon, President & Chief Financial Officer, Argent Energy Trust, (403) 770-4809; Steve Hicks, Chief Operating Officer, Argent Energy Trust, (281) 847-1888