PE-backed Laricina Energy obtains creditor protection, seeks strategic options
Laricina Energy Ltd, a portfolio company of the Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Lime Rock Partners, has been granted creditor protection under the Companies’ Creditors Arrangement Act. The Calgary-based energy company, which earlier this year defaulted on a $150 million loan from CPPIB, said it is now considering strategic alternatives as it focuses on restructuring and reducing costs. Laricina said it has adequate liquidity for the initial stay period which expires on April 24, 2015. It will in the meantime formulate a restructuring plan. CPPIB and Lime Rock have backed the company in 2010.
1 April 2015•6 mins read
