CALGARY, ALBERTA–(Marketwired – Dec. 17, 2015) – Shoreline Energy Corp. (“Shoreline” or the “Company“) announces that the conditions precedent to completion of the transactions contemplated by the previously announced plan of compromise and arrangement (the “Plan“) proposed by the Company under the Companies Creditors’ Arrangement Act (the “CCAA“) have not been satisfied. As a result, the Company is unable to obtain a sanction order in order to implement the Plan. The current stay of execution pursuant to the CCAA expires on December 24, 2015 and the Company does not intend to seek a further extension. As a result, the board of directors of the Company has resolved to cause the Company to make an assignment in bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada) on December 23 (the “Assignment“). Pursuant to the Assignment, it is anticipated that Grant Thornton Limited will be appointed as the bankruptcy trustee. In addition, all of the directors and officers of the Company have tendered their resignations, with such resignations to be effective December 23 immediately prior to the Assignment.
A copy of applicable CCAA filings and applicable Monitor reports are available on the Monitor’s website at http://www.grantthornton.ca/services/reorg/creditor_updates/shoreline.
