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