Canadian Overseas Petroleum Ltd (UK) (TSE:XOP) has released an update.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
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.
For further insights into TSE:XOP stock, check out TipRanks’ Stock Analysis page.