Jan. 22, 2015, 11:54 AM
- Southern Pacific Resource (OTCPK:STPJF) is the first Canadian oil sands explorer to seek protection from creditors during the oil downturn, saying it will file a plan of arrangement, which is similar to a debt restructuring plan under the U.S.’s Chapter 11 bankruptcy protection.
- The company owes C$135M to senior bondholders, C$260M to junior bondholders and C$172M to convertible bondholders, but it says it has sufficient liquidity to last through its initial protection period in Canada, which expires Feb. 20.
- Southern Pacific has said its STP-McKay well in Alberta had been slower than it expected to ramp up and reach profitability, and as a result the company was not generating enough cash to cover interest expenses.
Mar. 25, 2013, 5:57 PM
Railroads are the critical link behind the boom in North American oil production from shale fields beyond the reach of existing pipelines, and Raymond James suggests 21 stocks likely to benefit from the trend: CNI, CP, KSU, NSC, CSX, UNP, BTE, CNQ, ARII, TRN, GMT, PBF, DK, TSO, TLLP, GEL, NRGY, GLP, CSCTF.PK, MEGEF.PK, STPJF.PK. (earlier)| Mar. 25, 2013, 5:57 PM | 3 Comments