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 Ltd (COPL) has applied for protection under the Companies’ Creditors Arrangement Act amid financial difficulties, leading to an immediate suspension of trading on both the London Stock Exchange and the Canadian Securities Exchange. Despite the proceedings, the company plans to maintain operations and continue payments to critical suppliers. However, COPL has indicated a bleak outlook for shareholder and bondholder returns.
For further insights into TSE:XOP stock, check out TipRanks’ Stock Analysis page.