May 11, 2016 / 12:37 AM / in 2 years

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

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below