On June 30, 2010 Trident Limited Partnership, Trident Exploration Corp. and affiliates (together "the Company" or "Trident") successful emergence from protection under the Company's Creditors Arrangement Act in Canada and Chapter 11 of the U.S. Bankruptcy Code. Trident emerges poised to continue growing its operated unconventional natural gas assets in North America.
As a result of the restructuring, Trident obtained a new equity investment of approximately $247 million from a group of pre-prepetition creditors including affiliates of Anchorage Advisors LLC, Chilton Investment Company, LLC and Jennison Associates LLC. The Company reduced its long term debt and obligations from approximately US $1.9 billion as of September 8, 2009 case commencement to US $410 million at emergence.
For further details regarding Trident's success emergence, please see the Company's press release dated June 30, 2010, or go to the following links.