BRIEF-Twin Butte announces agreement with lenders

Mon Aug 15, 2016 8:31am EDT
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Aug 15 (Reuters) - Twin Butte Energy Ltd :

* Lenders have consented to company entering into an amending agreement to its arrangement agreement with Reignwood Resources Holding Pte. Ltd

* Lenders have also agreed to continue to forbear from exercising their rights and remedies for certain other prior defaults under twin butte's credit agreement

* Continuation of forbearance is conditional upon, among other things, deposit by purchaser, in escrow, of $5 million by September 8, 2016

* Continued forbearance depends on co's plan of arrangement with its securityholders, Reignwood Resources, closes by Sept 26, 2016

* Twin butte announces agreement with the company's lenders

* Lenders waived event of default under company's credit agreement announced on august 9, 2016 Source text for Eikon: Further company coverage: