Canacol Energy Closes First Subsequent Advance Under DIP Financing
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This section is Partnership Content suppliedThe content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Article contentCALGARY, Alberta, March 09, 2026 (GLOBE NEWSWIRE) — (“Canacol” or the “Company”) refers to its prior announcement regarding the Company’s agreement for debtor-in-possession financing and related documentation (the “DIP Financing”). In that announcement, the Company disclosed entry into a commitment letter governing the DIP Financing (collectively, as amended or restated from time to time, the “DIP Commitment Letter”) with an ad hoc group of holders of the Company’s 5.75% senior unsecured notes due 2028 and/or their affiliates, funds, and accounts that agreed to provide credit support in connection with the DIP Financing (the “DIP Lenders”). The DIP Financing and DIP Commitment Letter were approved by the Alberta Court of King’s Bench (the “Canadian Court”) pursuant to an Order of the Canadian Court dated December 11, 2025 (the “Second Amended and Restated CCAA Initial Order”).
The Second Amended and Restated CCAA Initial Order was recognized by the United States Bankruptcy Court for the Southern District of New York (the “U.S. Court”) pursuant to a recognition order of the U.S. Court dated December 18, 2025, in the Company’s recognition proceedings under Chapter 15 of title 11 of the United States Bankruptcy Code. The Company also refers to its prior announcement on January 7, 2026 announcing the closing and receipt of net proceeds from the initial advance under the DIP Commitment Letter.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentArticle contentThe Company announces the closing of the first subsequent advance under the DIP Commitment Letter after the satisfaction or waiver of all conditions precedent to such advance set out in the DIP Commitment Letter. The Company continues to work with its advisors, KPMG Inc., in its capacity as the court-appointed Monitor of the Company in its CCAA Proceedings (in such capacity, the “Monitor”) and the DIP Lenders and their advisors towards satisfying the conditions precedent to additional subsequent advances under the DIP Commitment Letter.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentIn connection with the Company’s ongoing reporting obligations under the DIP Commitment Letter, the Company confirms that certain material non-public information regarding the Company and its affairs (“MNPI”) was provided to the DIP Lenders. The MNPI has been posted to the website of the Monitor, at: https://kpmg.com/ca/canacol, where such information is available for review by all persons. Investors should continue to monitor the Monitor’s website for material updates and other important information regarding Canacol, its business, operations and results, and its insolvency proceedings.Article contentArticle contentAbout Canacol Article contentCanacol Energy Ltd. is a natural gas exploration and production company with operational activities in Colombia.Article contentThis press release contains certain forward-looking statements within the meaning of applicable securities law. Forward looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “target”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur, including without limitation statements relating to estimated production rates from the Corporation’s properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law.Article contentArticle contentArticle contentArticle contentArticle contentArticle contentContact Information Shareholders are reminded that any questions or concerns can be directed to the Company at: For more information please contact Investor Relations: South America: +571.621.1747 IR-SA@canacolenergy.com Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com http://www.canacolenergy.comArticle contentTrending Here's why bets are rising for interest rate hikes including for Canada Economy Oil wipes out gains to trade below US$90 in wild trading session Oil & Gas Constellation Software 'well-positioned' against AI disruption, CEO says Innovation Posthaste: How $100 oil could do Canada's economy more harm than good News Canadians blasé about CUSMA misunderstand the market risks Investor Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Here's why bets are rising for interest rate hikes including for Canada Economy Oil wipes out gains to trade below US$90 in wild trading session Oil & Gas Constellation Software 'well-positioned' against AI disruption, CEO says Innovation Posthaste: How $100 oil could do Canada's economy more harm than good News Canadians blasé about CUSMA misunderstand the market risks Investor