Welcome!

News Feed Item

Tuscany International Drilling Inc. Provides Update on Restructuring Process and Filing of Articles of Amendment

CALGARY, ALBERTA -- (Marketwired) -- 06/10/14 -- Tuscany International Drilling Inc. ("Tuscany" or the "Company") announces that the First Amended Joint Plan of Reorganization for Tuscany and Tuscany International Holdings (U.S.A.) Ltd. (the "Affiliate Debtor") under Chapter 11 of the United States Bankruptcy Code ("US Code") dated May 19, 2014 (the "Chapter 11 Plan") was confirmed by order (the "Confirmation Order") of the United States Bankruptcy Court for the District of Delaware (the "US Court") on May 21, 2014. The Confirmation Order was recognized and given full effect in Canada by order of the Court of Queen's Bench of Alberta, Judicial District of Calgary granted on May 22, 2014.

Certain steps to be undertaken in connection with consummation of the Chapter 11 Plan have been implemented with the result that the Effective Date, as defined therein, has occurred. In particular, Tuscany's lenders have acquired Tuscany's assets under and pursuant to the provisions of the asset purchase agreement dated April 8, 2014 by and between the Company, as seller, and Tuscany Holdings GP, LLC and Tuscany Limited Partnership (collectively, "Tuscany Holdings"), newly formed entities that are controlled by the Company's senior secured lenders, as buyer.

Tuscany Holdings, through its new management team, will operate the Company's previous Colombian and Ecuadorian businesses. Tuscany Holdings has issued today the attached press release announcing its acquisition of TID's Colombian and Ecuadorian assets.

Pursuant to the Chapter 11 Plan, as of June 9, 2014, each of the officers and members of the board of directors of Tuscany and the Affiliate Debtor have resigned, and FTI Consulting Canada Inc. ("FTI") has been appointed as Plan Administrator. Pursuant to the Chapter 11 Plan, Tuscany has filed Articles of Amendment to permit it to redeem all of its current issued and outstanding common shares for nominal value. Pursuant to the Chapter 11 Plan, there will be no recoveries to existing shareholders of Tuscany beyond any recoveries as contemplated by the Chapter 11 Plan.

A copy of the Chapter 11 Plan and related documents is available for free from the Prime Clerk website at http://cases.primeclerk.com/tuscany/.

For further information on developments concerning and documents relating to the Company's proceedings under Chapter 11 of the United States Bankruptcy Code, please refer to the website of Prime Clerk LLC, the administrative advisor, at http://cases.primeclerk.com/tuscany/.

READER ADVISORIES

Statements in this news release contain forward-looking information including, without limitation, statements with respect to the closing of the subsequent portions of the Asset Purchase Agreement and the timing thereof, the restructuring of the assets and liabilities of the Company, the redemption of common shares and recovery of shareholders and the future financial position and focus of the Company. 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: (i) the effects of the Companies' Creditors Arrangement Act and United States Bankruptcy Code proceedings on Tuscany and the interests of various creditors, equity holders and other constituents; (ii) bankruptcy court rulings and the outcomes of the proceedings in general; (iii) increased legal and other costs related to the proceedings; (iv) Tuscany's ability to maintain contracts that are critical to its operation and to obtain and maintain normal terms and relationships with its suppliers, other service providers, customers, employees, stockholders and other third parties; (v) Tuscany's ability to retain key executives, managers and employees; (vi) Tuscany's ability to generate sufficient cash flow from operations or obtain adequate financing to fund its capital expenditures and meet working capital needs and its ability to continue as a going concern during the restructuring; (vii) the adverse effects of changes in applicable tax, environmental and other regulatory legislation; (viii) a deterioration in the demand for Tuscany's products; (ix) the risks and uncertainties inherent in estimating future revenues and the timing of expenditures; (x) intense competition with companies with greater access to capital and staffing resources; (xi) the risks of conducting operations in foreign jurisdictions and the impact of pricing differentials, fluctuations in foreign currency exchange rates and political developments on the financial results of Tuscany's operations; and (xii) other risks as described in reports that the Company files with securities regulators. Any of these factors could cause the Company's actual results and plans to differ materially from those in the forward-looking statements. 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.

NEWS RELEASE OF TUSCANY LIMITED PARTNERSHIP

The following news release was disseminated by Tuscany Holdings GP, LLC and Tuscany Limited Partnership on June 10, 2014. Tuscany International Drilling Inc. expressly disclaims any and all responsibility for the statements and disclosures made below.

Tuscany Limited Partnership

For Immediate Release

Investor and Media Contact: Aramis Guerra

[email protected]

+57 313 817 7422

TUSCANY LIMITED PARTNERSHIP

Announces Completion of Sale to Senior Lenders and Appointment of Chief Executive Officer

Bogota, Colombia (June 10, 2014) - Tuscany Holdings GP, LLC and Tuscany Limited Partnership (collectively, "Tuscany Holdings" or the "Company"), are pleased to announce today that the Company has purchased substantially all of the assets of Tuscany International Drilling, Inc. ("TID"), a provider of contract drilling, completion and workover services, marking TID's emergence from the Chapter 11 bankruptcy process. Tuscany Holdings' corporate offices are now located in Bogota, Colombia with country management teams reporting to the new corporate team led by Aramis Guerra, a seasoned drilling and oilfield services executive with extensive experience operating in Latin America and the Middle East.

Investors including Credit Suisse AG, Cayman Islands Branch ("Credit Suisse") and certain funds managed by Monarch Alternative Capital LP ("Monarch") led the acquisition of the equity interests in the core Colombian and Ecuadorian operating entities. Tuscany Holdings' balance sheet demonstrates improved strength and stability by significantly reducing leverage and increasing liquidity through a new money loan.

"We move forward from this process with a sound balance sheet, a talented leadership team and the support of a strong and experienced board," said Tuscany Holdings' Chief Executive Officer Aramis Guerra. "We are very well positioned for the future, with a supportive ownership group dedicated to the long-term success of the Company, and a capital structure that will enable us to realize our operational improvements and growth initiatives. With the support of our employees, customers and suppliers in the communities we serve, we emerge from this process as a strong and well positioned provider of oilfield services."

"Tuscany International Drilling completed the sale of its African operations in January 2014. Tuscany Holdings is a more streamlined operation focused on the most attractive operating units of former Tuscany International Drilling. This will allow the Company to drive operational performance," said Julio Torres, a member of Tuscany Holdings' board of directors. "With a significantly improved debt structure, the financial position now better reflects the Company's operating strength. Tuscany Holdings is again able to provide high quality, reliable services to customers who appreciate long term relationships."

"The new equity holders would like to thank the management team, employees and advisors who helped in this successful balance sheet restructuring," stated Zachary Lewis of Monarch, an equity partner in Tuscany Holdings, who is a member of its board of directors. "We view this transaction as transformational, positioning Tuscany Holdings for continued operational excellence and growth."

About Tuscany Limited Partnership and Tuscany Holdings GP, LLC (collectively, "Tuscany Holdings")

Tuscany Holdings GP, LLC, is a Delaware limited liability company that acts as general partner of Tuscany Limited Partnership, an Alberta limited partnership. Tuscany Holdings' onshore rig fleet is comprised of 17 technologically advanced drilling and workover rigs, including 12 rigs in Colombia and 5 rigs in Ecuador. Tuscany Holdings provides contract drilling, completion and workover services to oil and gas companies active in the exploration, development and production of oil and gas reserves throughout South America. Tuscany Holdings is based in Bogota, Colombia.

Contacts:
Deryck Helkaa
Plan Administrator
(403) 265-8258
(403) 265-8793 (FAX)

1950, 140-4th Avenue S.W.
Calgary, Alberta
www.tuscanydrilling.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...