waldron energy corp (TTYGF) Key Developments
Waldron Energy Corporation Announces Resignation of David Lefebvre from Board
Aug 13 15
Waldron Energy Corporation announced that David Lefebvre resigned from the board of Directors effective August 12, 2015.
Waldron Energy Corporation Consent to Appointment of a Receiver
Aug 13 15
On August 6, 2015, the secured subordinated lender of Waldron Energy Corporation demanded repayment in full of all amounts owed to them under their credit facility and gave notice of their intention to enforce their security. The demand of repayment by the Subordinated Lender created a cross-default between the Corporation and its secured bank debt lender, National Bank of Canada. NBC subsequently demanded repayment in full of all amounts owed to them under their credit facility and also gave notice of their intention to enforce their security. Since August 6, 2015, the Corporation has held various discussions with the Subordinated Lender and NBC with regards to the merits of the Corporation undertaking a restructuring proposal proceeding under the Bankruptcy and Insolvency Act. The intent of the proceedings would be to permit the Corporation to sell assets or develop a corporate solution, such as a take-over or a merger, in order to reduce its debt to an acceptable level. The Subordinated Lender and NBC are unwilling to permit prior ranking interim financing during such proceedings to pay ongoing operating, general and administrative and restructuring costs. As such, the Corporation has consented to the appointment of a receiver and manager.
Waldron Energy Corp. Receives Demand Notice from Secured Subordinated Lender
Aug 7 15
Waldron Energy Corp. announced that it has received a demand notice from its secured subordinated debenture lender, requiring the full repayment of the $6.0 million subordinated debenture plus accrued interest and fees of $0.3 million by the end of business on August 17, 2015. As a result of the demand notice, and in accordance with inter lender and subordination agreements, the demand notice has resulted in a cross default on the corporation's $7.8 million senior credit facility with the National Bank of Canada or NBC. The maturity date of the corporation's secured subordinated debenture was June 30, and since that date, the corporation has been in constant communication with its Debenture Lender, discussing various maturity date extension scenarios. A key factor in these discussions has been a condition of the Corporation's senior lender, NBC, that interest owing to the debenture lender could not be funded from existing financial resources of the corporation. Without this payment of interest, the debenture lender was unwilling to grant any further extensions and served the corporation with the demand notice.
Waldron Energy Corporation Announces TSX Delisting Review Decision
Aug 5 15
Waldron Energy Corporation announced that the Toronto Stock Exchange (TSX) has determined to delist the Corporation's common shares effective at the close of market on September 4, 2015 for failure by the Corporation to meet the continued listing requirements of the TSX. The Corporation originally announced on April 8, 2015 that it had received notice that the TSX was reviewing the eligibility of the securities of the Corporation for continued listing on the TSX pursuant to Part VII of the TSX Company Manual. The Corporation intends to work diligently to demonstrate that it satisfies the continued listing requirements of TSX during the specified period. However, there is no certainty that the Corporation will be able to do so in the specified period. In which case, the Corporation's shares will be delisted from TSX at the close of market on September 4, 2015. The Corporation is also investigating the Corporation's qualifications to list its common shares on other public exchanges.
TSX Decides To Extend Its Review Of The Eligibility Of The Common Shares Of Waldron Energy Corporation
Jul 2 15
Further to TSX Bulletin 2015-0585 dated June 4, 2015, TSX has decided to extend its review of the eligibility of the common shares of Waldron Energy Corporation for continued listing for a period of 30 days.