CALGARY, ALBERTA -- (Marketwired) -- 07/17/13 -- PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE: PGB) announces that its lender, Alberta Treasury Branches ("ATB"), has made demand upon PetroGlobe for payment in full of its outstanding indebtedness in the aggregate amount of approximately $1.8 million plus accrued interest, costs and fees by the close of business on July 25, 2013. In addition, ATB has provided PetroGlobe with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) ("BIA").
Management of PetroGlobe is working with its lender to come up with a plan to repay the indebtedness under the facility, which plan may include the sale of assets or corporate restructurings. If the Company is unable to satisfy the repayment requirement or enter into adequate forbearance arrangements with its lender, the lender may take realization remedies against the Company, or the Company may be forced to seek creditor protection or voluntary receivership in order to resolve the demand. There is a risk that the Company's assets may not be sufficient to satisfy the demand plus the costs associated with a realization or liquidation in respect thereof.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Jason E. James
Chief Financial Officer
(403) 265-4488 ext. 234
Interim Chief Executive Officer
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- Bitcoin Clones Lurch Onto Financial Scene
- General Motors Names Mary Barra as First Female CEO
- AIG to Create 230 Jobs in Charlotte
- Clinton to Keynote Annual Simmons Leadership Conference
- Pacific Trade Pact Delay Hinders U.S. Pivot to Asia
- Californians Want to Legalize Marijuana
- How Bitcoin and Other Cryptocurrencies Work
- Russia Says Nyet to Canada North Pole Claim
- Budget Deal Sets Off Grumbles in Both Houses