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Stock Market & Financial Investment News

News Breaks
November 21, 2012
08:11 EDTIVANIvanhoe Energy announces sale of Pan-China Resources
Ivanhoe Energy announced that it has signed a share purchase and sale agreement with MIE Holdings Corporation for all of the outstanding shares of its indirect, wholly owned subsidiary, Pan-China Resources, in exchange for a cash consideration of $45M. Pan-China Resources holds 100% of the foreign contractor's rights for the Dagang Production Sharing Contract. The transaction has an effective date of September 30 and is subject to standard industry closing conditions, including a $5M hold-back of the total consideration that is payable six months from the closing date. Anticipated closing will be within 30 days.
News For IVAN From The Last 14 Days
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December 12, 2014
07:31 EDTIVANIvanhoe Energy engaged in process with advisors to address capital structure
Ivanhoe Energy announced that the company's board has been engaged in a process with its financial advisors to devise and implement a strategy to address Ivanhoe's liquidity, funding requirements and capital structure. Strategic and financial alternatives under consideration are focused on relieving the financial burden of the company's current debt structure and obtaining additional financing necessary to fund ongoing operations. The alternatives under discussion and review include the sale of all or a portion of the company's assets, recapitalization, debt restructuring or a combination of the foregoing. The company also announced that it does not expect to make the cash interest payment of approximately $1.8M due on December 31, 2014 in respect of its outstanding 5.75% convertible unsecured subordinated debentures. As previously disclosed in the company's Form 10-Q Interim Report for the period ended September 30, 2014, material uncertainty exists as to the company's ability to access additional financing. Without timely access to additional financing, there is significant doubt as to the company's ability to continue as a going concern.

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