BRIEF-Twin Butte Energy announces receipt of notice of intention to enforce security and receivership application

Tue Aug 30, 2016 9:02pm EDT
 
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Aug 30 (Reuters) - Twin Butte Energy Ltd

* Announces receipt of notice of intention to enforce security and receivership application

* Received notice from Toronto Stock Exchange that TSX is reviewing eligibility of continued listing of Twin Butte's common shares

* Company has been granted 30 days in which to regain compliance with requirements

* Debentureholders did not approve proposed plan of arrangement in respect of twin butte and its securityholders

* Lenders under senior credit facilities issued demand letter whereby lenders to enforce security for repayment of about $205.4 million

* FTI Consulting Canada expected to be appointed receiver and manager over assets, undertakings and property of co

* Upon appointment of receiver, it is expected that all of Twin Butte's directors will resign Source text for Eikon: Further company coverage: