Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGFQ) advises that, further to its announcement of 2 June 2014 that it had initiated voluntary Chapter 11 proceedings in the United States under the US Bankruptcy Code, on 2 July 2014, the Federal Court of Australia heard a successful application brought by BCC for recognition in Australia of the Chapter 11 proceedings opened in Texas.
Beam Communications Holdings Ltd
As you are aware Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGFQ) has been seeking opportunities over the last twelve months to repay its excessive debt levels and to strengthen its balance sheet. Your Board of Directors has considered many options and strategies to address the Company's debt and funding problems and provide an opportunity for Buccaneer to progress its operational strategy.
Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) and its U.S. subsidiaries filed voluntary petitions for reorganisation under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division.
On 9 May 2014 Buccaneer Energy Limited (ASX:BCC) announced that Mr Curtis Burton, a director on the board of BCC (Board), had provided notice to the Company of his intention to resign as a director of the Board. BCC now confirms that the Board has accepted the resignation of Mr Burton.
Buccaneer Energy Limited (ASX:BCC) advises that it requested and was granted a voluntary suspension that started on 19 February 2014 to allow the company to work with its secured financier regarding the availability and sources of funds to provide a clear path to the repayment of its secured creditor by 30 June 2014.
Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) advises that it has engaged Conway MacKenzie, Inc., to assist the company in its financial management and evaluation of strategic alternatives. Mr. John T. Young, Jr., will be leading the evaluation and has been appointed Chief Restructuring Officer for Buccaneer, effective immediately, reporting directly to the Board.
Buccaneer Energy Limited (ASX:BCC) Advises that the Company Continues to Work with its Secured Financier
Buccaneer Energy Limited (ASX:BCC) advises that the company continues to work with its secured financier. The Board is considering plans for the availability and sources of funds.
Drilling at West Eage#1 continued to progress, with drilling of the surface interval completed to a depth of 2,500 feet measured depth (MD) and the interval logged prior to running casing to 2,485 feet MD. The casing was cemented in two stages and a cement bond log used to confirm adequate cement placement.
Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) is pleased to advise that it has appointed Market Eye as its Investor Relations adviser.
Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) is pleased to present its quarterly report for the 3 months ending 31 December 2013.