Laricina Energy Enters Into Settlement Term Sheet with CPPIB, Seeks Court Approval
Calgary-based Laricina Energy Ltd., once able to lure large institutional investors like the Korea Investment Corporation (KIC) and Canada Pension Plan Investment Board (CPPIB), became an insolvent junior oilsands company earlier in 2015. A victim of cheap oil and lofty ambitions, in March 2015, Laricina Energy was granted Companies’ Creditors Arrangement Act court protection by the Court of Queen’s Bench of Alberta, Judicial Centre of Calgary after it received a payment demand in full from CPPIB Credit Investments, a unit of CPPIB, as Laricina Energy was in default after the company missed promised production levels. CPPIB is the biggest shareholder in Laricina Energy at 15.3%.
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