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Triangle USA Petroleum Backstop Agreement Amended

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Triangle USA Petroleum filed with the U.S. Bankruptcy Court a second amendment to its backstop commitment agreement.

The filing notes, “This Amendment No. 2 to the Backstop Commitment Agreement is made and entered into as of February 14, 2017 by and among Triangle USA Petroleum Corporation, a Colorado corporation (‘TUSA’), Foxtrot Resources and Leaf Minerals…. Pursuant to the Amendment, certain termination conditions set forth in Article IX of the Backstop Commitment Agreement have been amended to extend the dates by which the Confirmation Order must be entered and the Effective Date must occur, and related provisions have been modified to align with such extensions. These dates have been amended to align with correlative Plan Milestones.”

In addition, “Amendment of Closing Date: Section 2.3(a) is hereby amended to delete reference to ‘March 1, 2017’ and replace such reference with ‘March 24, 2017’. Amendment of Confirmation Order Deadline: Section 9.1(c)(vii) is hereby amended to delete reference to ‘February 15, 2017’ and replace such reference with ‘March 10, 2017’. Amendment of Effective Date Deadline: Section 9.1(c)(ix) is hereby amended to delete reference to ‘March 1, 2017’ and replace such reference with ‘March 24, 2017’. Amendment of Outside Date: Section 9.2(b) is hereby amended to delete reference to ‘March 1, 2017’ and replace such reference with ‘March 24, 2017’.”

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The post Triangle USA Petroleum Backstop Agreement Amended appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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