Canadian Overseas Petroleum to move forward with Summit Partners bid

By Sarah Lizee

Olympia, Wash., May 1 – Canadian Overseas Petroleum Ltd. is set to sell substantially all of its assets to Summit Partners Credit Fund III, LP and affiliates, according to court documents filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s sale process provided that if by April 17 no letters of interest were received reflecting a reasonable prospect of culminating in a qualified bid, the stalking horse bid would be determined the successful bid.

The purchase price includes an amount equal to the outstanding debt owed under the company’s $1.5 million debtor-in-possession financing and assumed liabilities.

Closing is expected for May 31.

The company is an international oil and gas exploration, development and production company with headquarters in Calgary, Alta. Its Chapter 15 case number is 24-10376.

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