As planned, the CCAA filing enabled EDC to restructure its debt, streamline operations, and implement other measures to improve its performance
Energold has acquired the assets of Energold Drilling Corp. (Credit: Pixabay/Khusen Rustamov)
Energold Drilling Acquisition LP, (“Energold”), a leading global specialty drilling company, today announced that it has acquired the assets of Energold Drilling Corp (“EDC”) and that the operations have now emerged from the Companies’ Creditors Arrangement Act (CCAA) process in Canada.
“We’re extremely excited to begin this next chapter in Energold’s history,” announced Brian N. Mittman, the new CEO of Energold. “With the CCAA filing behind us, we look forward to continuing to provide world-class drilling services and to a future of steady, profitable growth.”
EDC, formerly listed on the Toronto Venture Exchange (under the symbol EGD), filed for creditor protection under the CCAA in September, 2019. As planned, the CCAA filing enabled EDC to restructure its debt, streamline operations, and implement other measures to improve its performance. Throughout the CCAA proceedings, EDC’s operations continued uninterrupted both in Canada and internationally.
“The reorganized business is already profitable and well-capitalized, with Energold now having eliminated most of its outstanding debt,” said Matthew Freeman, the group’s new CFO. “Two milestones that EDC previously had not achieved for many years.”
Energold is financially backed by leading investors in the mining and minerals space, including Toronto-based Extract Advisors LLC and Sprott.
Source: Company Press Release