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Ausam Energy Corporation
Ausam files for Chapter 11 bankruptcy protection
January 16th, 2009
Ausam Energy Corporation ("Ausam" or the "Company") wishes to advise that on 30 December 2008, the Company and its wholly owned subsidiary, Noram Resources, Inc., filed voluntary Chapter 11 bankruptcy petitions with the United States Bankruptcy Court in Houston, Texas. The Company will continue its ordinary course of business operations and will operate as a debtor-in-possession within the bankruptcy proceeding. These bankruptcy filings were necessitated by the Company's inability to secure new equity or debt financing on terms acceptable to the Company's current primary lender. The Company hopes to use the protections provided by the Chapter 11 process to re-organize its capital structure...
Source: Health Business Week (2009-01-16)
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