Connacher Oil, plan sponsor extend completion dates to Jan. 31

By Caroline Salls

Pittsburgh, Dec. 18 – Connacher Oil and Gas Ltd. and plan of compromise and arrangement sponsor East River Oil and Gas Ltd. have agreed to amend the “outside date” for completion of the Companies’ Creditors Arrangement Act acquisition and sponsorship agreement and the “outside date for closing” under a purchase and sale agreement to Jan. 31, according to a news release.

Connacher’s consenting first-lien lenders have consented to the extension, and the agreement was reached in consultation with CCAA monitor Ernst & Young Inc.

Connacher is a Calgary, Alta.-based developer, producer and marketer of bitumen from oil sands. It made a CCAA filing on May 17, 2016.

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