Tuscany International Drilling Inc. Announces Amendment to its Credit Facility and Appointment of Chief Restructuring Officer
2013年11月28日 - 8:30PM
Marketwired Canada
Tuscany International Drilling Inc. (TSX:TID)(COLOMBIA:TIDC) ("Tuscany" or the
"Company") announces that it has entered into an amending agreement (the
"Amending Agreement") to its US $255,000,000 senior secured guaranteed credit
agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent
(the "Agent") and various lenders thereto (the "Credit Agreement").
The Amending Agreement will allow the Company to make withdrawals from its debt
service reserve account in accordance with the terms of the Credit Agreement, as
amended by the Amending Agreement, up until January 2, 2014, or such other date
as may be agreed to by the Agent and a required majority of lenders under the
Credit Agreement. The proceeds from withdrawals from the debt service reserve
account will be used to finance operating expenses, specified capital
expenditures, restructuring costs and general corporate purposes and to pay fees
and expenses related to the Amending Agreement.
The Amending Agreement provides for other material amendments to the Credit
Agreement. In accordance with the terms of the Amending Agreement, the Company
will be obligated to market certain undeployed assets, make mandatory repayments
to the Agent upon the disposition of its assets and to deliver a restructuring
plan to the Agent and the lenders. The Amending Agreement also requires the
Company to report to the Agent and the lenders on its projected cash receipts
and operating and capital expenditures and to ensure that actual receipts and
expenditures are in accordance with such projections.
In order to satisfy the conditions associated with the Amending Agreement, the
Company has engaged Mr. Deryck Helkaa of FTI Consulting Canada Inc. ("FTI") as
chief restructuring officer of the Company (the "CRO"). Mr. Helkaa is a senior
managing director with FTI, a global business advisory and consulting firm, and
has been retained to further assist the Company with its review of strategic
alternatives that was previously announced on April 8, 2013. Mr. Helkaa shall
report directly to the Special Committee of the Board of Directors of the
Company and shall be responsible, in consultation with the Special Committee and
the management of the Company, for proposing actions reasonably necessary to
successfully restructure the assets and liabilities of the Company.
There can be no assurance that any transaction will occur as part of the review
of strategic alternatives and there is no defined timeline for the strategic
review. The Company does not intend to comment further regarding the appointment
of Mr. Helkaa as CRO or the strategic review until such time, if any, as Tuscany
determines that disclosure is appropriate or required.
About Tuscany
Tuscany, a corporation headquartered in Calgary, Alberta, is engaged in the
business of providing contract drilling and work-over services along with
equipment rentals to the oil and gas industry. Tuscany is currently focused on
providing services to oil and natural gas operators in South America and Africa.
Tuscany has operating centers in Colombia, Brazil, Ecuador and France.
READER ADVISORIES
Statements in this news release contain forward-looking information including,
without limitation, statements with respect to strategic alternatives, the
restructuring of the assets and liabilities of the Company and the future
financial position of the Company. Readers are cautioned that assumptions used
in the preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of Tuscany. These risks
include, but are not limited to: counterparty completion risks, regulatory
approval risk, the risks associated with the oil and gas industry, commodity
prices and exchange rate changes, regulatory changes, successful exploitation
and integration of technology, customer acceptance of technology, changes in
drilling activity and general global economic, political and business
conditions. Industry related risks could include, but are not limited to;
operational risks, delays or changes in plans, health and safety risks and the
uncertainty of estimates and projections of costs and expenses and access to
capital. The risks outlined above should not be construed as exhaustive. The
reader is cautioned not to place undue reliance on this forward-looking
information. Tuscany does not undertake any obligation to update or revise any
forward-looking statements except as expressly required by applicable securities
laws.
The listing of Tuscany's common shares on the Colombian Stock Exchange does not
imply a certification by the BVC of the value or the solvency of Tuscany.
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility
for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tuscany International Drilling Inc.
Walter Dawson
President and CEO
(403) 265-8258
Tuscany International Drilling Inc.
Matt Moorman
CFO
(403) 265-8258
(403) 265-8793 (FAX)
www.tuscanydrilling.com
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