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| Home : Twoco Petroleums Ltd. Announces Demand by Lender to Repay Outstanding Indebtedness and Notice of Intention to Enforce Security |
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Feb 22
2013 |
Twoco Petroleums Ltd. Announces Demand by Lender to Repay Outstanding Indebtedness and Notice of Intention to Enforce Security |
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CALGARY, ALBERTA--(Marketwire - Feb. 21, 2013) - Twoco Petroleums Ltd. ("Twoco") (TSX VENTURE:TWO) announces that its lender, Alberta Treasury Branches ("ATB"), has made demand upon Twoco for payment in full of its outstanding indebtedness in the aggregate amount of approximately $19.55 million plus accrued interest, costs and fees by the close of business on March 1, 2013. In addition, ATB has provided Twoco with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) ("BIA"). Twoco has consented to: (i) the immediate enforcement by ATB of its security over Twoco's property and assets pursuant to subsection 244(2) of the BIA; and (ii) ATB's immediate disposition of any or all collateral subject to ATB's security immediately or otherwise as ATB may determine in its sole discretion, without notice as required by the Personal Property Security Act (Alberta). |
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| Source:http://www.marketwire.com/mw/release.do?id=1760067&sourceType=3 |
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