Anterra Energy Inc. ("Anterra" or the "Company") announces that on June 7, 2017, PricewaterhouseCoopers Inc. (the "Receiver") was appointed by the Court of Queen's Bench of Alberta ("Court") as receiver and manager of the assets of the Company. The application was brought by Western Union Petro International Co. Ltd. ("WUP"). WUP had provided interim financing to the Company during its proceedings under the Companies' Creditors Arrangement Act (Canada), and had previously demanded repayment of the interim financing. The purpose of appointing the Receiver is to effect a sale of the assets of the Company.
The Receiver has advised that operations are intended to continue in the ordinary course, and orders or contracts placed by the Company's customers prior to the receivership are intended to be fulfilled. The Court has authorized the Receiver to obtain financing to pay for services rendered and goods sold to the Company or the Receiver from June 7, 2017 onwards in the ordinary course. Crude Oil Marketing arrangements and services provided at the Anterra Breton facility are key to the Company, and financing to be obtained by the Receiver will be used to ensure that those arrangements and services remain unchanged through the receivership process. The Company does not anticipate any interruption in handling of and payment for volumes delivered.
The Receiver intends to seek court approval to commence a sale process for the Company's assets, including the Company's mid-stream oil blending facility at Breton, Alberta.
All current directors of the Company have resigned concurrently with the appointment of the Receiver.
For further information: Further details about the receivership can be found on the Receiver's dedicated webpage at: www.pwc.com/ca/anterra.
SOURCE: PricewaterhouseCoopers Inc
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