Transaction|February 1, 2016
Laricina Energy closes settlement with CPPIB Credit and exits CCAA
Torys acted as counsel to Canada Pension Plan Investment Board Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board, with a team that included Tony DeMarinis, David Bish, Lee Cassey and Lily Coodin (corporate restructuring) and Sheila Block (litigation).
On February 1, 2016, Laricina Energy Ltd. (Laricina) exited protection under the Companies' Creditors Arrangement Act ("CCAA") after having on November 30, 2015 completed the restructuring of its remaining C$118.5 million debt obligations to CPPIB Credit Investments Inc. under an earlier announced settlement agreement.
CPPIB Credit and its affiliates now hold approximately 89% of Laricina's basic shares on a fully diluted basis, and C$44.1 million of note obligations.
Additional details can be found on Laricina's website.
Laricina is a non-public, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.