Connacher Oil restructuring plan rejected

Connacher Oil restructuring plan rejected

Connacher Oil restructuring plan rejected A plan by Connacher Oil to restructure out of court has been rejected. The company has been heavily impacted by lower oil prices and was seeking permission to swap $1 billion of bonds for equity and issue U$35 million of convertible notes. The Court of Queen’s Bench of Alberta rejected the plan yesterday. Connacher is being pursued in the New York courts over a $128 million defaulted loan from Credit Suisse.