BRIEF-Lightstream announces commencement of CCAA process and second forbearance agreement

Mon Sep 19, 2016 6:10pm EDT
 
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Sept 19 (Reuters) - Lightstream Resources Ltd:

* Lightstream announces commencement of CCAA process and second forbearance agreement

* Has not been able to reach satisfactory settlement agreement with respect to litigation that has been commenced by certain holders of unsecured notes

* As a result of failure to reach such a settlement, co is required to discontinue currently contemplated plan of arrangement under CBCA arrangement

* Intends to initiate proceedings at court to implement CCAA sale transaction pursuant to an initial order on September 26

* Lightstream Resources Ltd says in addition to foregoing, company has entered into a second forbearance agreement

* Lightstream Resources Ltd says commencement of CCAA sale transaction is not expected to affect normal course business operations Source text for Eikon: Further company coverage: