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Obtains Court Order for Extension of CCAA Protection
Apr 20, 2009 03:34PM
April 20, 2009
Challenger Obtains Court Order for Extension of CCAA Protection
CALGARY, ALBERTA--(Marketwire - April 20, 2009) - Challenger Energy Corp. ("Challenger" or "Company") (TSX VENTURE:CHQ) announces that it has been granted an extension of the stay of proceedings to June 4, 2009 to the previous court order that was granted on March 23, 2009 which had extended the stay of proceedings from March 23, 2009 to April 20, 2009, from the Court of Queen's Bench of Alberta, Judicial District of Calgary for protection under the Companies' Creditors Arrangement Act (Canada).
The order permits Challenger to remain in possession and control of its property, carry on its business, retain employees and other service providers and continue with its previously announced process to evaluate the various strategic alternatives available to the Company, including a sale of Challenger or its assets. A special committee of directors was appointed to oversee this process and Peters & Co. Limited was retained as financial advisor.
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which has spent approximately U.S. $80.1 million on exploration Block 5(c) offshore Trinidad and Tobago. See www.challenger-energy.com for information on Challenger.