BRIEF-Quattro increases asset divestiture plan to $30 million

Thu Aug 11, 2016 1:05pm EDT
 
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Aug 11 (Reuters) - Quattro Exploration And Production Ltd :

* Quattro increases asset divestiture plan to $30 million and is granted court protection to allow for its orderly completion

* Increased divestiture value to be realized based on sale of non-core shut-in assets in addition to Alberta assets

* Divestiture plan is to reduce co's liabilities by up to $18 million, increase working capital to more than $12 million

* Pursuant to notice of intention, Hardie and Kelly Inc. Appointed as trustee in company's proposal proceedings

* Evaluating financing proposals complementary to current lender's continued funding of Quattro's business plan

* Conclusion of process is anticipated to provide Quattro ability to address all of its obligations to its creditors Source text for Eikon: Further company coverage: