FTI Consulting, the receiver that is currently operating Twin Butte Energy announced a private company named Henenghaixin Operating Corp, has entered into a purchase and sale agreement to acquire Twin Butte.
Recent court records on FTI Consulting’s website show the receiver is recommending the sale of Twin Butte to the private company on January 18 at 2:00pm appearing before The Honourable Madame Justice G. Campbell.
Twin Butte ran into financial troubles when its creditors placed the company into default last spring, a deal was announced between Twin Butte and a foreign company in June 2016, but ultimately fell through. The Calgary-based heavy oil producer was appointed a receiver September 2, 2016.