Shoreline Energy obtains creditor protection
Shoreline Energy Corp (TSX: SEQ), a Calgary-based oil and gas company, recently obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) (CCAA). The company filed for CCAA protection as current cash in hand "would not allow it to meet its current obligations as they become due." Shoreline said it will continue operations and explore strategic alternatives, including restructuring debt obligations and pursuing asset sales. In 2013, the company entered into a funding agreement with U.S. private equity firm Acceleration Resources that included plans for an investment of up to $50 million in its Wattenberg Field assets in Colorado.
23 April 2015•5 mins read
