As a growing number of oilpatch companies arebeing pushed toward bankruptcy across NorthAmerica,a number ofCanadianplayers are working with creditors andmaking moves that experts say are aimed at avoiding such a fate.
Bow River Energy, Sequence Energy and Delphi Energy have filed for protection under the Companies’ Creditors Arrangement Act(CCAA) to come up with a restructuring plan with creditors to try to avoid receivership or bankruptcy. It allows a company to continue operating, maintain staffand keep the board of directors and executives in charge.
Experts say there is a recent uptick in the number of CCAA cases, which speaks to how some executives still see a future for their companies despite current financial hardships.
Read the full article at: https://www.cbc.ca/news/business/ccaa-insolvency-oilpatch-1.5632074