United States

Terrace Energy Corp (TZR.V)

TZR.V on TSX Venture Exchange

23 Oct 2017
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Latest Key Developments (Source: Significant Developments)

Terrace Energy says management, staff voluntarily reduced salaries
Wednesday, 25 May 2016 09:00am EDT 

Terrace Energy Corp : Terrace continues restructuring plans and provides update . Subsidiary was unable to satisfy certain financial ratio covenants set out in credit agreement with its secured lender . All material capital expenditures have been deferred until late 2017 . Has negotiated right to receive additional distributions of future cash flows from STS after certain financial milestones are achieved . Management and staff have voluntarily modified their employment contracts to substantially reduce salaries . Company, on behalf of STS, was able to successfully negotiate settlement of over USD$25 million in secured debt without having to pay cash .Will continue to work with advisors to evaluate different financial options, including, but not limited to, raising additional capital.  Full Article

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