Avenue Capital acquires shares, notes of Connacher Oil and Gas
Funds affiliated with U.S. distressed investor Avenue Capital Group have acquired about 12.9 million common shares and about US$19.5 million principal amount of second lien convertible notes of Connacher Oil and Gas Ltd, a Calgary energy company active in the production and sale of bitumen. The deal is linked with Connacher's restructuring and recapitalization plan, which exchanges about $1 billion of company debt for shares, among other measures. As a result of its acquisition of common shares, Avenue is expected to own 45.8 percent of total shares outstanding.
11 May 2015•3 mins read
