Canadian Overseas Petroleum Ltd (UK) (TSE:XOP) has released an update.
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Canadian Overseas Petroleum Limited (COPL) has received an initial order under the Companies’ Creditors Arrangement Act, paving the way for a structured sale and investment solicitation process supported by its senior lenders. The company plans to seek court approval for this process in March 2024 and is arranging for its proceedings to be recognized in the United States Bankruptcy Court. Meanwhile, COPL’s shares have been suspended from trading on the London Stock Exchange, with a pending decision from the Canadian Securities Exchange.
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