CALGARY – Financially troubled oilsands developer Opti Canada Inc. (TSX:OPC) announced Tuesday that it will be delisted by the Toronto Stock Exchange at the close of market on Aug. 26.
“The delisting determination was imposed for failure to meet the continued listing requirements of the TSX as a result of Opti’s proceeding under the Companies’ Creditor Arrangement Act,” Opti said in a news release.
The company’s common shares will remain suspended from trading until the delisting occurs.
Meanwhile, Opti intends to apply for a listing on the TSX Venture Exchange “as soon as possible.”
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Opti said the delisting would not affect a payment equal to 12 cents U.S. per common share as outlined in the company’s transaction announcement July 20.
China’s largest offshore energy producer announced at the time that it was preparing to snap up Opti in a $2.1-billion deal a week after the Calgary-based oilsands developer filed for court protection from its creditors.
If the deal goes ahead as expected, China National Offshore Oil Corp., or CNOOC, will get a 35 per cent stake in the troubled Long Lake oilsands project, which has fallen well short of production targets since its late 2008 startup.
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Under terms of the agreement, CNOOC will pay $1.18 billion to lenders who hold Opti’s second lien notes and assume responsibility for paying $825 million of first lien notes.
The Chinese company will also pay $37.5 million to parties that had agreed to help finance the court-supervised restructuring and $34 million to Opti shareholders, who were going to get no cash for their stock in the restructuring.
The oilsands developer has lost more than 90 per cent of its share-price value over the past year.
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