Lone Pine Aims To Restructure, Raise $100M In Bankruptcy

Law360, Wilmington (September 25, 2013, 8:32 PM ET) -- Lone Pine Resources Inc. initiated insolvency proceedings in Canada and the U.S. on Wednesday as the Canadian energy outfit seeks to restructure through a creditor-backed plan that calls for a debt-for-equity swap and the infusion of $100 million in new capital.

Hampered by limited liquidity and an overleveraged balance sheet, Lone Pine and its affiliates sought Chapter 15 recognition in Delaware bankruptcy court Wednesday afternoon after entering court protection in Alberta earlier in the day under the Companies' Creditors Arrangement Act, the Canadian equivalent of Chapter...
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