|
| Home : Virginia Hills Oil Corp. Announces Credit Facility Maturity |
|
Feb 01
2017 |
Virginia Hills Oil Corp. Announces Credit Facility Maturity |
|
CALGARY, ALBERTA--(Marketwired - Jan. 31, 2017) - Virginia Hills Oil Corp. ("Virginia Hills" or the "Company") (TSX VENTURE:VHO) announces that its syndicated credit facility (the "Credit Facility") has matured and remains unpaid as of January 31, 2017. The failure to repay the approximate $95.6 million principal amount owing under the Credit Facility on January 31, 2017 constitutes an event of default under the Credit Facility and entitles the lenders to, among other things, enforce their security and appoint a receiver to manage the affairs of the Company. An event of default under the Credit Facility is also an event of default under the credit facility of Dolomite Energy Inc., the Company's wholly-owned subsidiary. Virginia Hills has previously disclosed certain financial and non-financial covenant breaches under the Credit Facility in its year end 2015 and interim 2016 financial statements. Although the lenders have not enacted any of the remedies in relation to the current event of default and past covenant breaches, they have reserved their available rights and remedies in respect thereof. The Company is currently in negotiations with the lenders of the Credit Facility for an extension to allow Virginia Hills to continue its strategic review process, however, there is no certainty as to whether an extension will be obtained from the lenders and if so, on what terms. |
|
|
|
| Source:http://www.marketwired.com/mw/release.do?id=2192465&sourceType=3 |
| |
|
Related News
|
» Sitecore Names Its 2017 Most Valuable Professionals
» Sirona Biochem Announces Convertible Note Financing
|
|
|
