Canadian Energy Co. Lone Pine Granted Ch. 15 Protection

Law360, New York (October 21, 2013, 2:33 PM EDT) -- A Delaware bankruptcy judge on Friday granted Chapter 15 bankruptcy protection to Canadian energy company Lone Pine Resources Inc., ensuring that the debtors' American assets are protected from creditor actions while it reorganizes.

U.S. Bankruptcy Judge Brendan L. Shannon granted the motion to Lone Pine Resources Canada Ltd. in its capacity as the authorized foreign representative of Lone Pine Resources, acknowledging Lone Pine’s bankruptcy proceeding in the Court of Queen’s Bench of Alberta as a foreign main proceeding pursuant to section 1517 of the U.S. Bankruptcy...
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