Laricina Energy defaults on $150 mln in debt funding from CPPIB
Laricina Energy Ltd has missed its bitumen production covenant for the fiscal quarter ending December 31, 2014, putting it in default of $150 million secured loan from Canada Pension Plan Investment Board (CPPIB). The company received the debt funding in March 2014. Laricina said it is in discussions with CPPIB on a potential remedy to the default, and warned that a failure to reach an agreement "may result in the inability for the company to operate as a going concern." Based in Calgary, Laricina is focused on exploring oil sands properties in Western Canada. It has been backed by CPPIB and U.S. private equity firm Lime Rock Partners since 2010.
6 January 2015•6 mins read
