Impax Energy Services Income Trust
TSX VENTURE : MPX.UN

Impax Energy Services Income Trust

December 14, 2009 20:20 ET

Impax Energy Services Income Trust Obtains Court Order for Creditor Protection

CALGARY, ALBERTA--(Marketwire - Dec. 14, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Impax Energy Services Income Trust (TSX VENTURE:MPX.UN) ("Impax" or the "Trust") announces that further to its news release issued earlier today, the Trust, Impax Energy Services Ltd., McClelland Oilfield Rentals Limited Partnership, EGOC Enviro Group Limited Partnership, Dwayne Hommy Trucking Limited Partnership and Denray Rathole Drilling Limited Partnership and certain other Canadian subsidiaries have obtained an Order from the Alberta Court of Queen's Bench (the "Court") for creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA").

Under the terms of the Order, KPMG Inc. will serve as the Court-appointed Monitor under the CCAA process and will assist the Trust in completion of the previously announced offer to sell all of the operating assets of McClelland Oilfield Rentals Limited Partnership, EGOC Enviro Group Limited Partnership and Dwayne Hommy Trucking Limited Partnership to 1438961 Alberta Ltd., as well as the sale as a going concern or wind down of Denray Rathole Drilling Limited Partnership.

This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Trust that involve known and unknown risks and uncertainties. Although the Trust has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking information, actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in the Trust's March 30, 2009 Annual Information Form filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, the Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. 

Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Impax Energy Services Income Trust
    Raymond P. Cej
    Chairman
    (403) 233-8110
    or
    Impax Energy Services Income Trust
    Karim Hirji
    Chief Financial Officer
    (403) 233-8110