If they go bankrupt i wonder what the BR deal will work out!
http://www.newsweb.no/newsweb/index.jsp?messageId=223236&lang=
November 14, 2008 TSX-V/ Oslo Axess: TSU
Vancouver, Canada: - Transeuro Energy Corp.
(`Transeuro`, or the `Company`) announces that it
has suspended the interest payments due under the
US$15million bond offering that closed in November
2007 and the CDN$4million debenture offering that
closed in May 2008. The interest payments under
the bond offering were due yesterday and the
interest payments under the debenture offering are
due today. The Company has contacted the Trustee
for the bondholders and has requested that a
meeting of bondholders be convened to approve a
four week extension to the due date for the
interest payment. The Company has also contacted
the Trustee for the debenture holders and expects
to convene a meeting of debenture holders to
request a similar extension. The Company is
currently reviewing its options and expects to be
able to present a proposal to its debt holders
within the next few weeks.
Transeuro Energy Corp. is involved in the
acquisition of petroleum and natural gas rights,
the exploration for, and development and production
of crude oil, condensate and natural gas. The
Company`s properties are located in Canada,
Armenia, Ukraine and, through majority ownership in
Eaglewood Energy Inc, in Papua New Guinea.
On behalf of the Board of Directors
`Harold Hemmerich` President and CEO
For further information contact:
David Parry - Vancouver, Canada
+1 (604) 681 3939 Phone
Karen O. Jenssen - Oslo, Norway
kjenssen@transeuroenergy.com
http://www.transeuroenergy.com
The TSX Venture Exchange has not reviewed, and does
not accept responsibility for the adequacy or
accuracy of the content of this news release. This
press release does not constitute an offer to sell
or solicitation of an offer to sell any of the
securities in the United States.
The statements contained in this release that are
not historical facts are forward-looking
statements, which involve risks and uncertainties
that could cause actual results to differ
materially from the targeted results. The Company
relies upon litigation protection for forward
looking statements.
