MONCTON, NB,
May 30, 2013 /CNW/ - Landdrill
International Inc. (the "Company") (TSXV: LDI) announces
that it has been petitioned into bankruptcy by its secured creditor
Norrep Credit Opportunities Fund, LP, and has been declared
bankrupt as of May 30th,
2013 pursuant to the Bankruptcy and Insolvency Act (the
"Bankruptcy"). Grant
Thornton Poirier has been appointed trustee in respect of
the Bankruptcy.
The Company, along with Landdrill International
Ltd., Landdrill Atlantic Ltd., Landdrill Contract Mining Ltd.,
Landdrill International Mexico S.A De C.V., Landdrill International
LLC, and Landrill International Inc. (the "Landdrill
Entities") were the subject of an order issued under the
provisions of the Companies' Creditors Arrangement Act
("CCAA") by the Court of the Queens Bench of New Brunswick dated August 31, 2012 under which the Landrill Entities
attempted to stabilize their business and restructure their
financial affairs in an orderly, court-supervised process under the
direction of the monitor, Ernst & Young. The particulars
of the restructuring and all other documents related to the CCAA
proceedings can be found online at:
http://documentcentre.eycan.com/Pages/Main.aspx?SID=252. As a
result of the Bankruptcy, the CCAA proceedings have been
terminated.
Immediately prior to the Bankruptcy, all
directors of the Company tendered their resignations.
The Toronto Stock Exchange ("TSX-V")
delisted the common shares (Symbol: LDI) of the Company as at the
close of market on September 27, 2012
for failure to meet the continued listing requirements of the TSX-V
and such common shares remain subject to continuing cease trade
orders issued by applicable provincial securities regulators.
Forward-looking information
This press release may contain
forward-looking statements (within the meaning of applicable
securities laws) relating to business of Landdrill International
Inc. (the "Company") and the environment in which it operates.
Forward-looking statements are identified by words such as
"believe", "anticipate", "expect", "intend", "plan", "will", "may"
and other similar expressions and include statements in respect of
the timing for completion of the CCAA and Bankruptcy proceedings.
These statements are based on the Company's expectations,
estimates, forecasts and projections. They are not guarantees of
future performance and involve risks and uncertainties that are
difficult to control or predict, including by not limited to, the
availability of necessary regulatory approvals and satisfaction of
certain financial conditions precedent. These risks and
uncertainties are discussed in the Company's regulatory filings
available at www.sedar.com.
There can be no assurance that
forward-looking statements will prove to be accurate as actual
outcomes and results may differ materially from those expressed in
these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements.
Further, a forward-looking statement speaks only as of the date on
which such statement is made. The Company undertakes no obligation
to publicly update any such statement or to reflect new information
or the occurrence of future events or circumstances.
SOURCE LANDDRILL INTERNATIONAL INC.