on Canadian Overseas Petroleum Ltd (NASDAQ:VELXF)
COPL Extends Its Tolerance Agreement with Its Main Credit Institution
London-based Canadian Overseas Petroleum Limited (COPL) announced the extension of the forbearance agreement with its main creditor until March 8, 2024. This agreement aims to prevent the creditor from executing certain rights and remedies in due to the company's payment defaults. Despite this extension, COPL finds itself in an unstable financial situation with decreasing liquidity.
The company is considering strategic alternatives for its survival, including potential insolvency protection that could affect the value of common stock. The continuation of operations and the necessary financing remain uncertain and are subject to various external risk factors.
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