Trident Plan Proposes $800M Debt Reduction

Law360, New York (March 30, 2010, 4:20 PM EDT) -- Trident Resources Corp. has put forth a reorganization plan that would see secured creditors making a full recovery but would cancel all general unsecured claims in order for the Canadian natural gas company to slash its consolidated debt from about $1.2 billion to $400 million.

In a disclosure statement filed Monday in the U.S. Bankruptcy Court for the District of Delaware, the company said it believed the proposed plan would allow it to emerge from Chapter 11 as a functioning business by cutting about $800 million...
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