• Wednesday, 16 May, 2012

Oilsands seeks US bankruptcy cover

Sliding fortunes: Oilsands Quest files for bankruptcy protection in US

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By Staff & news wires

 07 February 2012 15:08 GMT

Canada's Oilsands Quest has filed for Chapter 15 protection from creditors in a US bankruptcy court, after the troubled player failed to find buyers for its Wallace Creek assets in Alberta.

The company has $100 million to $500 million in assets and $1 million to $10 million in liabilities, according to its filing with the bankruptcy court in Southern District of New York, Reuters reported.

Chapter 15 protection in the US grants a foreign company protection from creditors and helps avoid conflicts that arise between jurisdictions.

Last week, the Calgary-based explorer said it obtained a debtor-in-possession financing of C$3.8 million for funding company expenses during the proceedings, and also flagged a C$4.4 million sale of non-core asset Eagles Nest.

Oilsands continues to manage its properties and operate its businesses under the supervision of the Alberta Court of Queen, after it received a court order in November to protect it from creditors.

The court has also given permission for the beleagured explorer to enter talks on selling the company.

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07.05.2012 -  20th Middle East Petroleum & Gas Conference (MPGC 2012)

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