Lightstream Resources misses interim deadline, key creditors remain on sidelines

Lightstream Resources Ltd. says it was unable to meet a deadline for lining up bridge financing but its key backers haven't pushed for a court-supervised restructuring of the oil and gas company.

The Calgary-based firm says it's continuing to seek commitments for a new credit agreement even though the Wednesday deadline has passed.

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Creditors agreed last month to wait until Friday before taking actions that could require the company to seek court protection and possibly sell some or all of its assets.

Lightstream says a committee of secured debt holders has advised the company that it doesn't currently require such steps but it reserves its rights to do so at any time.

The company is planning to hold votes by its shareholders and two classes of debt holders. Special meetings have been scheduled for Sept. 13.

Lightstream is focused on light oil in the Bakken and Cardium formations, which underlie several states and provinces including Saskatchewan and Alberta.