Oilsands Quest (BQI) Gets Approval for Solicitation Process
Oilsands Quest Inc. (AMEX: BQI) has requested and obtained approval from the Alberta Court of Queen's Bench to conduct a process to solicit offers to acquire, restructure or recapitalize the Company. The Company is also pursuing Debtor-in-Possession financing to provide liquidity as it conducts the Solicitation Process.
The Solicitation Process will be overseen by a Special Committee of the Oilsands Quest Board of Directors, chaired by Paul Ching and including Ronald Blakely and Brian MacNeill, all of whom are independent directors. The Special Committee will consider all offers, and will ultimately recommend a course of action to the Company's full Board.
With the Court's approval, the Company has retained TD Securities Inc. ("TD Securities") as its financial advisor to assist it with this process. TD Securities is familiar with Oilsands Quest's assets and business as a result of previous engagements and has assisted Oilsands Quest in prior discussions with potentially interested parties. TD Securities will begin soliciting indications of interest from prospective strategic or financial parties, with preliminary bids due in early March 2012. The Company expects to shortlist potential bidders and seek binding offers by late March 2012, with a target to conclude an agreement by mid-April 2012.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
The Solicitation Process will be overseen by a Special Committee of the Oilsands Quest Board of Directors, chaired by Paul Ching and including Ronald Blakely and Brian MacNeill, all of whom are independent directors. The Special Committee will consider all offers, and will ultimately recommend a course of action to the Company's full Board.
With the Court's approval, the Company has retained TD Securities Inc. ("TD Securities") as its financial advisor to assist it with this process. TD Securities is familiar with Oilsands Quest's assets and business as a result of previous engagements and has assisted Oilsands Quest in prior discussions with potentially interested parties. TD Securities will begin soliciting indications of interest from prospective strategic or financial parties, with preliminary bids due in early March 2012. The Company expects to shortlist potential bidders and seek binding offers by late March 2012, with a target to conclude an agreement by mid-April 2012.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- Delphi Automotive (DLPH) in Talks with FCI to Buy Motorized Vehicles Unit
- China Investment may nab $2B stake in Alibaba - Reuters
- Chesapeake (CHK) Shares Surge Amid Report Icahn Now 'Major' Holder
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
