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Message: Plan accepted

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gemoz

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GFP plan approved

in response to Re: One month since Plan accepted by gemoz

posted on Apr 08, 09 10:36AM

The latest news on the Proposal to Creditors is here :

Montreal, April 1, 2009 – Gale Force Petroleum Inc. (TSX Venture: GFP, the “Corporation”) today announced that the Proposal to Creditors, which was accepted by the Corporation’s creditors, has now been approved by the Supreme Court of Quebec.

“We are pleased that restructuring has been sanctioned by the Court”, said Michael McLellan, President and CEO. “We can now continue with less uncertainty toward the rebuilding of the corporation”.

As part of its restructuring plan, the Corporation is seeking new financing and further business development opportunities. Further details will be announced when available."

It should prevent any bankrupsy proceedings at a time when Natural Gas is just above $3.50. I think we're on a waiting game until NG recovers at least close to $5. Recent decisions lead me to believe Gale Force will survive this recession.

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