CALGARY, Feb. 19, 2016 /CNW/ - Argent Energy Trust (the "Trust") (TSX: AET.UN) announces that, as part of the initial order (the "Initial Order") granted on February 17, 2016 by the Court of Queen's Bench of Alberta (the "Court"), 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 together with the Trust and Argent Canada, the "Applicants" or "Argent"), have received court approval for the continuation of the previously announced sale solicitation process (the "Sale Solicitation Process") to be conducted within the CCAA proceedings by The Oil & Gas Clearinghouse, LLC ("OGAC") under the supervision of FTI Consulting Canada Inc. (the "Monitor"). The Court also approved the continued engagement of OGAC as sales agent in connection with the Sale Solicitation Process. The Sale Solicitation Process is intended to generate interest in either the business or the assets of Argent U.S. with the goal of maximizing the return in respect of the assets of the Applicants.
The Sale Solicitation Process procedures attached as Schedule "A" to the Initial Order (the "Sale Procedures") describe the manner in which prospective bidders may gain access to or continue to have access to due diligence materials concerning Argent U.S. and its assets, the manner in which bidders and bids become Qualified Bidders and Qualified Bids (as each term is defined under the Sale Procedures), respectively, the receipt and negotiation of Qualified Bids received, the ultimate selection of the successful bidder(s) and the approval thereof by the Court, the Applicants and Argent's lending syndicate.
The Monitor will supervise the Sale Solicitation Process. Qualified Bidders, if they wish to submit a bid, are required to deliver written copies of a binding proposal for the acquisition of Argent U.S. or its assets, business or undertaking, or any portion or combination thereof, to OGAC, with a copy to the Monitor, at the addresses specified in the Sale Procedures, no later than 5:00 p.m. (Central Standard Time) on March 17, 2016, or such other date or time as may be agreed to by OGAC, in consultation with the Monitor, the Applicants and Argent's lending syndicate. Late bids will not be considered. The bid proposal must be in a form such that the acceptance thereof by the Applicants will result in a binding agreement.
Parties interested in participating in the Sale Solicitation Process, and obtaining information with respect to the business and assets of Argent U.S., should contact Pat Dapra, Manager – Negotiated Transactions of OGAC, at (832) 631-7655 or [email protected], or visit http://www.ogclearinghouse.com.
Additional details relating to the CCAA proceedings and the Sale Solicitation Process, including the Sale Procedures, 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 process at
Further news releases in respect of the CCAA process and the Sale Solicitation Process will be provided on an ongoing basis as may be determined necessary.
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