Lone Pine Resources Inc. completed its financial restructuring and is no longer under creditor protection under the Companies' Creditors Arrangement Act and Chapter 15 of the U.S. Bankruptcy Code, the company said Jan. 31.
As a result of the previously announced restructuring, Lone Pine whittled long term debt to CA $90 million, down from CA $395 million as of Sept. 25, 2013, the company said.
Due to the restructuring, Lone Pine no longer is a reporting issuer in Canada, the company said, adding that it filed Form 15 with the U.S. Securities and Exchange Commission (SEC). This suspends its reporting obligations under the Securities Exchange Act of 1934, as amended, the company added.
Lone Pine, based in Calgary, is a natural gas and oil exploration and development company focused on natural gas and light oil across Canada.
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