Mahalo Energy Ltd.
TSX : CBM.H
NEX BOARD : CBM

Mahalo Energy Ltd.

April 26, 2010 16:35 ET

Mahalo USA Confirms Chapter 11 Reorganization Plan

CALGARY, ALBERTA--(Marketwire - April 26, 2010) -

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Mahalo Energy Ltd. ("Mahalo" or the "Company") (TSX:CBM.H) (NEX BOARD:CBM) announced that its wholly owned subsidiary Mahalo Energy (USA) Inc., a corporation organized under the laws of the State of Delaware ("Mahalo USA") has confirmed its plan of reorganization (the "US Plan") under its previously announced Chapter 11 bankruptcy filing under the United States Bankruptcy Code and that the US Plan has now reached its effective date.

Effect of the US Plan on Mahalo

The US Plan resulted in the cancellation of 100 percent of Mahalo's equity interest in Mahalo USA and the issuance of 100 percent of Mahalo USA's equity to one of its secured creditors in partial satisfaction of such creditors' claims against Mahalo USA.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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

Contact Information

  • Mahalo Energy Ltd.
    600, 703 - 6th Avenue S.W.
    Calgary, Alberta T2P 0T9
    (403) 451-3500
    (403) 451-3501 (FAX)
    or
    Mahalo Energy Ltd.
    David Burton
    President & CEO
    Direct: (403) 716-3119
    (403) 451-3501 (FAX)