Ernst & Young Inc. undertakes a sales solicitation process for the assets of Traverse Energy Ltd.

CALGARY, Feb. 18, 2020 /CNW/ - Ernst & Young Inc., in its capacity as Court-Appointed Receiver (the "Receiver") of Traverse Energy Ltd. ("Traverse"), is undertaking a sales solicitation process ("SSP") for the assets of Traverse.  

The Court of Queen's Bench of Alberta approved of the SSP on February 14, 2020, along with the Receiver entering into a purchase and sales agreement (the "Stalking Horse APA") to sell the assets of Traverse. The purpose of the SSP is to determine whether a higher and better offer than the Stalking Horse APA may be obtained by the Receiver.

Key Milestones for the SSP are as follows:

• Phase 1 Bid Deadline – March 26, 2020
• Phase 2 Auction – If a superior offer is received, the Receiver will conduct an auction within 10 days of the Bid Deadline.

Additional information is available upon the execution of a confidentiality agreement ("CA"). The CA and teaser letter outlining the opportunity are available on the Receiver's website www.ey.com/ca/traverse, or through Tom Pavic of the Sayer Energy Advisors via email at [email protected] or by phone at 403-266-6133.

Ernst & Young Inc., in its capacity as Court-Appointed Receiver of Traverse Energy Ltd. and not in its personal or corporate capacity.

SOURCE Ernst & Young Inc.

2200, 215 2nd Street SW, Calgary, AB T2P 1M4, Fax: [phone]