MONCTON, NB, May 27, 2013 /CNW/ - Landdrill International Inc. (the "Company") (TSXV: LDI) announces that it has received notice from Norrep Credit Opportunities Fund, LP, that it will make an application to the Court of Queen's Bench of New Brunswick on May 30th, 2013 whereby the Company will be petitioned into bankruptcy pursuant to the Bankruptcy and Insolvency Act (the "Bankruptcy").
The Company, along with Landdrill International Ltd., Landdrill Atlantic Ltd., Landdrill Contract Mining Ltd., Landdrill International Mexico S.A De C.V., Landdrill International LLC, and Landrill International Inc. (the "Landdrill Entities") were the subject of an order issued under the provisions of the Companies' Creditors Arrangement Act ("CCAA") by the Court of the Queens Bench of New Brunswick dated August 31, 2012 under which the Landrill Entities have attempted to stabilize their business and restructure their financial affairs in an orderly, court-supervised process under the direction of the monitor, Ernst & Young. The particulars of the restructuring and all other documents related to the CCAA proceedings can be found online at: http://documentcentre.eycan.com/Pages/Main.aspx?SID=252. It is expected that coincident with the Bankruptcy, the CCAA proceedings will be terminated.
The Toronto Stock Exchange ("TSX-V") delisted the common shares (Symbol: LDI) of the Company as at the close of market on September 27, 2012 for failure to meet the continued listing requirements of the TSX-V and such common shares remain subject to continuing cease trade orders issued by applicable provincial securities regulators.
This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Landdrill International Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions and include statements in respect of the timing for completion of the CCAA and Bankruptcy proceedings. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including by not limited to, the availability of necessary regulatory approvals and satisfaction of certain financial conditions precedent. These risks and uncertainties are discussed in the Company's regulatory filings available at www.sedar.com.
There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
SOURCE: LANDDRILL INTERNATIONAL INC.
For further information:
Ronald J. Goguen, President & CEO
Landdrill International Inc.