CEO
Bonavista announced in June an agreement with lenders that would eliminate about half of its outstanding debt but leave existing shareholders with only seven per cent of the company.
The proposal, since approved by shareholders, debtholders and the courts, is designed to reduce total debt by about
Under the deal, existing shareholders were given the option to sell their shares to
Bonavista recently reported second-quarter production of 65,300 barrels of oil per day, down two per cent from the first quarter mainly due to the voluntary curtailment of 1,150 boe/d due to volatile pricing.
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