Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/exall-energy-declares-revised-process-to-pay-out-e.shtmlExall Energy declares revised process to pay out existing credit facility
Exall Energy Corporation has agreed as a preliminary step to pay out Exall's existing facility with Exall's current senior Canadian lender (the "Facility')
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Exall Energy Corporation has agreed as a preliminary step to pay out Exall's existing facility with Exall's current senior Canadian lender (the "Facility') in full, in consideration for an assignment of the Facility and security package.
Exall's current senior Canadian lender had previously stipulated it would not act under its security until after September 30, 2014, which was intended to permit the Agreement with the Lender to be closed. However, the parties have been advised that closing of the transaction with the Lender has been delayed until later in October, and as a result Exall and the Lender were forced to revise the prior process to accommodate Exall's current senior Canadian lender.
