Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/fairwest-defaults-under-debtor-in-possession-finan.shtmlFairWest defaults under debtor-in-possession financing
FairWest Energy Corporation announces that on September 17, 2013, Supreme Group Inc. (SGI) served FairWest with a
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FairWest Energy Corporation announces that on September 17, 2013, Supreme Group Inc. (SGI) served FairWest with a demand letter and Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (the "Demand Letter") in respect of amounts owing to SGI by FairWest under the debtor-in-possession financing provided by SGI to FairWest (the "DIP Financing").
SGI has provided DIP Financing to FairWest since FairWest commenced proceedings under the Companies' Creditors Arrangement Act on December 12, 2012. On July 16, 2013, the Court of Queen's Bench of Alberta (the "Court") approved certain amendments to the DIP Financing, including additional events of default which, if triggered, could result in SGI withdrawing its funding from FairWest.
