Southern Pacific becomes first E&P in oil sands to seek creditor protection
Southern Pacific Resource Corp. (ticker: STP), based out of Calgary, Alberta, Canada, announced yesterday that it has obtained creditor protection under the Companies’ Creditors Arrangement Act (CCAA).

CCAA protection prevents creditors and others from enforcing rights against the company and affords STP the opportunity to restructure its financial affairs for the duration of the order. With the stay of proceedings, Southern Pacific does have sufficient liquidi...

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