Delphi Energy creditors approve plan of compromise and arrangement

By Wendy Van Sickle

Columbus, Ohio, Sept. 9 – Delphi Energy Corp.’s creditors approved the previously announced plan of compromise and arrangement of the company, Delphi Energy (Alberta) Ltd. and Delphi Energy Partnership under the Companies’ Creditors Arrangement Act and the Canada Business Corporations Act, according to a news release.

At meetings held on Wednesday, 100% of the votes cast by beneficial holders of Delphi’s senior secured notes, voting as a class, and 76% of the votes cast by general unsecured creditors, voting as a class, were voted in favor of the plan.

In each case, a majority in number of creditors who voted in a class voted in favor of the plan, according to the release.

A hearing to seek an order of the Court of Queen’s Bench of Alberta sanctioning the plan under the CCAA is set for 9 a.m. ET on Sept. 11.

Subject to court approval of the plan and the satisfaction or waiver of the other conditions to the implementation of the plan, the company is working to implement the plan in mid-September.

Delphi Energy is a Calgary, Alta.-based company that explores, develops and produces oil and natural gas in Western Canada.

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