Royal Helium has filed for protection under Canada’s Bankruptcy and Insolvency Act (BIA) to restructure its debts and negotiate with creditors.
The Canadian helium exploration and production company had been seeking additional capital to address working capital requirements, creditor obligations, and the engineering needs to re-commission its Steveville Helium Facility.
After reviewing alternatives and consulting with legal counsel, Royal Helium’s Board of Directors concluded that filing under the BIA was in the best interests of the company and its stakeholders.
The filing under the BIA includes a stay of proceedings in favour of the company and the appointment of Doane Grant Thornton LLP as the proposed Trustee of Royal Helium.
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