Opti shares fall to record low after missing payment
DEBT . Opti Canada Inc. shares dropped to a record low on Wednesday as the troubled oilsands producer skipped a scheduled interest payment to conserve cash as it seeks to restructure its crushing debt.
Opti shares fell five cents, or 33 per cent, to 10 cents on the Toronto Stock Exchange after the company said it wouldn't make a $71-million interest payment due on Wednesday. The company's 7.875 per cent senior secured note 68383KAD1 due in December 2014 fell $1.25 to $45.25 to yield 38 per cent, while the 8.25 per cent senior secured note 68383KAB5 also due December 2014 was unchanged at $46 to yield 38 per cent.
The company, which has a 35 per cent stake in Nexen Inc's Long Lake oilsands project in northern Alberta, now has 30 days to make the payment. If it cannot meet the deadline, it risks being forced to seek court protection from its creditors unless it can reach a deal that would offer some relief from the burden of its $3.3-billion debt.
www.calgaryherald.com/business/...g+payment/4954986/story.html
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