|By Marketwired .||
|January 24, 2014 10:03 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/25/14 -- Tuscany International Drilling Inc. ("Tuscany" or the "Company") (TSX:TID)(COLOMBIA:TIDC) announces that it has entered into a forbearance agreement (the "Forbearance Agreement") with its senior secured lenders ("Senior Lenders") under the third amended and restated credit agreement (as amended, the "Credit Agreement") dated December 23, 2013.
Pursuant to the Forbearance Agreement, the Senior Lenders have agreed to forbear from exercising their rights or remedies in connection with certain existing events of default under the Credit Agreement, including realizing on their security granted in connection with the Credit Agreement, until the earlier of February 3, 2014, or the occurrence of an additional event of default within the meaning of the Forbearance Agreement (the "Forbearance Period").
Any breach of any covenant or representation or warranty in the Forbearance Agreement, or the occurrence of a further event of default under the Credit Agreement, will terminate the Forbearance Period.
Tuscany has been engaged in discussions with its Senior Lenders regarding a restructuring of the loans outstanding under the Credit Agreement. Tuscany believes that a significant majority of its Senior Lenders support this restructuring, which would include a Chapter 11 or 15 filing in a U.S. court under the U.S. Bankruptcy Code and relief under the Companies' Creditors Arrangement Act ("CCAA") accompanied by the extension of new funds from certain of the Senior Lenders pursuant to a new debtor-in-possession credit facility (the "DIP Facility").
Assuming the Company enters into such DIP Facility, the Company expects that its operations in Brazil, Colombia and Ecuador will not be affected and will continue to carry on business in the normal and ordinary course.
Continued listing of the common shares of Tuscany (the "Common Shares") on the Toronto Stock Exchange ("TSX") is subject to compliance with the applicable requirements of the TSX Company Manual. Under section 708 of the TSX Company Manual, if Tuscany files for relief under the CCAA and Chapter 11 or 15 of the U.S. Bankruptcy Code or any other creditor arrangement, bankruptcy or similar proceedings are instituted, the TSX may, in its discretion, immediately halt trading on the TSX of, and thereafter delist, the Common Shares.
Tuscany, a corporation headquartered in Calgary, Alberta, is engaged in the business of providing contract drilling and work-over services along with equipment rentals to the oil and gas industry. Tuscany is currently focused on providing services to oil and natural gas operators in South America. Tuscany has operating centers in Colombia, Brazil, and Ecuador.
Statements in this news release contain forward-looking information within the meaning of applicable securities laws, including, without limitation, statements with respect to the restructuring of the assets and liabilities of the Company, future financial condition and results of operations, access to capital and expectations with respect to liquidity, capital resources and ability to continue as a going concern, plans to restructure or refinance indebtedness under the Credit Facility or otherwise complete a restructuring, and the future listing and trading of the Common Shares on the TSX. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Tuscany. These risks include, but are not limited to: Tuscany's level of indebtedness; Tuscany's ability to make the January 24, 2014 principal and interest payment under the Credit Agreement; Tuscany's ability to pursue a strategic restructuring, refinancing or other transaction which may be necessary for Tuscany to continue as a going concern, and which ability may be limited in light of Tuscany's current liquidity situation; any determination by Tuscany to make a filing for relief under the CCAA and Chapter 11 or Chapter 15 of the U.S. Bankruptcy Code or the filing of an involuntary petition for bankruptcy against Tuscany, and the impact of any such
filing on Tuscany's business and operations; Tuscany's ability to generate sufficient cash flow from operations or obtain adequate financing to fund Tuscany's capital expenditures and meet working capital needs and Tuscany's ability to continue as a going concern; Tuscany's ability to comply with the terms and conditions of the Credit Agreement and Forbearance Agreement, and in the event that we are unable to comply with such terms and conditions, Tuscany's ability to pay any accelerated indebtedness; a significant reduction in the borrowing base under the Credit Agreement; the volatility of Tuscany's stock price, the ability of Tuscany's common stock to remain listed and traded on the TSX, counterparty completion risks, regulatory approval risk, the risks associated with the oil and gas industry, commodity prices and exchange rate changes, regulatory changes, successful exploitation and integration of technology, customer acceptance of technology, changes in drilling activity and general global economic, political and business conditions. Industry related risks could include, but are not limited to; operational risks, delays or changes in plans, health and safety risks and the uncertainty of estimates and projections of costs and expenses and access to capital. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. Tuscany does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.
The listing of Tuscany's common shares on the Colombian Stock Exchange does not imply a certification by the BVC of the value or the solvency of Tuscany.
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.
Tuscany International Drilling Inc.
President and CEO
Tuscany International Drilling Inc.
(403) 265-8793 (FAX)
Tuscany International Drilling Inc.
1950, 140 - 4th Avenue S.W.,
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 24, 2016 02:15 PM EDT Reads: 3,976
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Oct. 24, 2016 02:15 PM EDT Reads: 3,901
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 24, 2016 02:00 PM EDT Reads: 34,143
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Oct. 24, 2016 01:15 PM EDT Reads: 1,447
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 24, 2016 01:00 PM EDT Reads: 1,002
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 24, 2016 01:00 PM EDT Reads: 828
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 24, 2016 01:00 PM EDT Reads: 858
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 24, 2016 12:45 PM EDT Reads: 4,703
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
Oct. 24, 2016 12:30 PM EDT Reads: 1,207
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 24, 2016 12:30 PM EDT Reads: 982
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 24, 2016 12:15 PM EDT Reads: 8,412
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Oct. 24, 2016 11:45 AM EDT Reads: 1,312
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 24, 2016 11:45 AM EDT Reads: 1,517
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 24, 2016 10:45 AM EDT Reads: 3,867
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Oct. 24, 2016 10:30 AM EDT Reads: 2,102