Superintendencia de Sociedades reconoce el proceso extranjero de Canacol Energy LTD

TL;DR

Colombia's Superintendency of Companies recognized the foreign insolvency proceedings of Canacol Energy Colombia S.A.S and its subsidiaries.
The proceedings were initiated in Canada under the Companies’ Creditors Arrangement Act (CCAA) and are before the Court of King's Bench of Alberta.
KPMG INC. has been appointed as the Foreign Representative and Monitor.
Automatic measures under Colombian Law 1116 of 2006 have been implemented, including the suspension of execution processes and restrictions on asset disposition.
Existing precautionary measures, such as the suspension of execution processes and specific conditions for bank account access and contract termination, have been extended.
Canacol Energy had previously sought creditor protection in Canada and relief under Chapter 15 of the U.S. Bankruptcy Code.
The goal is to protect the debtors' assets in Colombia, ensure operational continuity, and safeguard creditor interests.

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