CALGARY, Dec. 12, 2018 /CNW/ – Jupiter Resources Inc. and its affiliates (collectively, “Jupiter” or the “Company”) are pleased to announce that, at the previously announced meeting (the “Meeting”) of the holders of the Company’s US$1.1 billion 8.5% senior unsecured notes due October 1, 2022 (the “Senior Notes”, and the holders of such Senior Notes, the “Noteholders”), the Noteholders voted overwhelmingly in support of the Company’s proposed recapitalization transaction (the “Recapitalization Transaction”) under the Canada Business Corporations Act to be implemented pursuant to a plan of arrangement (the “Plan of Arrangement”).
Approval of the Plan of Arrangement
At the Meeting, 93.44% of the votes cast by Noteholders (representing approximately 93.44% of the outstanding Senior Notes) were voted, in person or by proxy, in favour of the Plan of Arrangement, and no votes were cast against the Plan of Arrangement.
Court Approval and Implementation
The Company is scheduled to appear before the Alberta Court of Queen’s Bench (the “Court”) on December 18, 2018 to seek a final order of the Court approving the Plan of Arrangement. If the approval of the Court is obtained, and the other conditions to completion of the Recapitalization Transaction are satisfied or waived, it is expected that the Recapitalization Transaction will be completed on or about December 19, 2018.
Jupiter is an independent Calgary-based energy company with an operations office in Grande Cache, Alberta. The Company is focused on the acquisition, development and production of unconventional liquids-rich natural gas properties in the Western Canadian Sedimentary Basin. For more information visit: www.jupiterresources.com.