BRIEF-Artisan Energy says its business is no longer viable going concern

Tue May 10, 2016 8:33pm EDT
 
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May 10 (Reuters) - Artisan Energy Corp :

* Says announces that corporation's principal secured lender has demanded repayment of all indebtedness owed

* Have determined that its business is no longer a viable going concern, as its current market asset value is less than its current debt

* Unable to refinance or recapitalize its operations and corporation no longer has financial capability to carry on operations

* Artisan is not in a financial positon to make any repayment at this time

* Says Artisan has shut-in all wells and ceased field operations for both economic and safety reasons

* Working with principal secured lender along with Alberta energy regulator to determine a suitable path to a receivership or bankruptcy

Source text for Eikon:

Further company coverage: (Bengaluru Newsroom)