Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Business

Avatar Announces Appointment of Receiver and Resignation of Directors


Print article Print article
© Marketwire 2013
2013-02-04 21:13:23 -

CALGARY, ALBERTA -- (Marketwire) -- 02/04/13 -- Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG) announces that it has received a Notice of Intention to Enforce Security from its bank lender and, in connection therewith, that it has consented to the appointment by the lender of Ernst & Young Inc. as the receiver and manager of the Corporation's property. As a result of the current financial position of the Corporation and current economic circumstances, and following a thorough review of strategic alternatives available to the Corporation, the Corporation has determined that it is in the best interests of the Corporation and its stakeholders to approve the receivership. The Corporation's assets may not be sufficient to satisfy the indebtedness owing under its credit facilities to its bank lender or, if sufficient, may not be sufficient to satisfy the Corporation's other liabilities.



In connection with the receivership order, the directors of the Corporation have resigned from their positions with the Corporation. The TSX Venture Exchange has been notified of these developments and it is expected that the Corporation's shares will be suspended or delisted from trading in due course.


Neither the 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.


Contacts:

Avatar Energy Ltd.

Mr. Alan D. Jack, P. Eng

President & Chief Executive Officer

(403) 517-8818

at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid= .. width="1" height="1" alt=" " border="0" />



Press Information:




Contact Person:


Disclaimer: (c) 2014 Market Wire. All of the press releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Market Wire's, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com