IVANHOE ENERGY INC

Ivanhoe and its creditors failed to agree on a viable restructuring proposal by the extended deadline. Under the Bankruptcy and Insolvency Act the company was automatically deemed bankrupt as of 11:59pm on June 1, 2015.

bankruptcy or receivership

The court granted Ivanhoe a one-month extension, to June 1, 2015, to file its formal restructuring proposal, and the company's CFO announced his resignation effective the end of May.

bankruptcy or receivership

IVANHOE ENERGY INC's exchange filed to remove a class of its securities from listing.

listing compliance notice

An Alberta court approved US$1M in debtor-in-possession financing from Robert Friedland to fund the company through restructuring, lifting his total secured loans to US$6.11M and adding priority charges for professional fees and director indemnities ahead of unsecured creditors.

bankruptcy or receivership

Ivanhoe filed a Notice of Intention to Make a Proposal under Canada's Bankruptcy and Insolvency Act, entering formal creditor-protection restructuring with Ernst & Young as trustee. NASDAQ responded the same day by moving to delist the stock.

bankruptcy or receivership

Robert Friedland provided yet another secured bridge loan, US$2.37M, taking his total secured lending to the company to US$5.11M. The cash was earmarked for mandatory Ecuador severance obligations and to pay down overdue trade payables owed to Friedland's own affiliated companies.

debt financing

Ivanhoe missed the December 31, 2014 interest payment on its Cdn$73.3M of 5.75% convertible debentures, and after the 30-day grace period lapsed, trustee Bank of New York Mellon formally declared an Event of Default and demanded immediate payment of the roughly Cdn$2.1M owed.

debt default or forbearance

Ivanhoe fell out of compliance with a separate NASDAQ rule requiring a three-member independent audit committee after director Robert Pirraglia resigned, adding a second, unrelated listing deficiency on top of the ongoing bid-price problem.

listing compliance notice

Ivanhoe and Ecuador's state oil successor Petroamazonas mutually terminated the Block 20/Pungarayacu service contract that had anchored the company's Ecuador heavy-oil ambitions since 2008, following a January announcement that Ivanhoe was scaling back Ecuador activity amid collapsing oil prices and stalled partner talks.

material agreement termination

NASDAQ issued a third minimum-bid-price deficiency notice, giving Ivanhoe until July 2015 to regain compliance - a deadline the company would not reach, having by then filed for bankruptcy protection.

listing compliance notice

Robert Friedland extended a further US$540,000 secured bridge loan, taking his total secured loans to the company to US$2.74M, as Ivanhoe's working-capital needs kept growing.

debt financing

Founder and Executive Co-Chairman Robert Friedland provided Ivanhoe a US$2.2M secured bridge loan against nearly all company assets and resigned from the board the same day to avoid a conflict of interest as the company's largest shareholder, a convertible-debt holder and now also its secured lender - the first of a series of insider loans that would fund the company through its final year.

debt financing

Ivanhoe again fell short of NASDAQ's $1.00 minimum bid price requirement, a second deficiency notice roughly 16 months after its first, underscoring sustained share-price weakness even after the roughly US$150M raised from exiting China.

listing compliance notice

Ten days after selling Dagang, Ivanhoe also closed the Zitong sale to Shell for about US$105M, completing a full exit from China and bringing in roughly US$150M combined from the two deals to fund its oil sands and Ecuador heavy-oil ambitions.

asset acquisition disposition

Ivanhoe completed the sale of Pan-China/Dagang to MIE Holdings for US$45M less a US$4M holdback, exiting the China oilfield project that had been its founding asset since 2004.

asset acquisition disposition

Ivanhoe agreed to sell Pan-China Resources - the subsidiary holding its original Dagang oilfield project, the asset that had anchored the company since 2004 - to MIE Holdings for US$45M cash.

material agreement

Ivanhoe signed a definitive agreement to sell its Zitong China interest to Shell for a reduced US$105M (US$85M cost reimbursement plus US$20M on closing), down from the up-to-US$160M outlined in January's MOU.

material agreement

Ivanhoe received its first NASDAQ notice for falling below the $1.00 minimum bid price, with 180 days (to November 2012) to regain compliance. The stock kept trading on the Toronto Stock Exchange, which has no such rule.

listing compliance notice

Ivanhoe took out a US$50M short-term secured loan from UBS at a steep 9-10%+ interest rate that climbed further each month, pledging its Tamarack oil sands leases as collateral - an early sign of tightening liquidity years before the 2015 collapse.

material agreement

Ivanhoe agreed in principle to sell its entire Zitong interest in China to Shell for up to US$160M, the first step toward monetizing its Sichuan gas project.

material agreement

Ivanhoe closed the 5.75% convertible debenture offering, raising just over Cdn$73M in total, including more than Cdn$23M placed privately with its own directors, officers and insiders.

capital raising announcement

Ivanhoe agreed to sell US$50M of 5.75% convertible debentures due 2016, using the proceeds mainly to repay a US$40M convertible note owed to Talisman Energy - the same debentures whose missed interest payment would trigger default in 2015.

material agreement

Ivanhoe raised up to Cdn$150M (including the underwriters' over-allotment) in its largest special-warrant placement to date, at Cdn$3.00 per warrant.

capital raising announcement

Completed the sale of Ivanhoe Energy (USA) - all of its United States exploration and production, being California and Texas production and infrastructure plus additional California exploration acreage - to Seneca Resources and Seneca South Midway for $39,200,000, keeping cash, certain receivables and the Bakersfield office.

asset acquisition disposition

Ivanhoe's Ecuadorian subsidiary signed a 30-year service contract with state oil company Petroecuador to develop Block 20's Pungarayacu heavy-oil field using Ivanhoe's HTL upgrading technology - the project that would become the company's flagship growth bet.

material agreement

Ivanhoe completed the Talisman oil sands lease purchase, taking 100% of Leases 10 and 6 near Fort McMurray. It lost the third lease, Lease 50, after a third party exercised its right of first refusal.

asset acquisition disposition

Ivanhoe closed a Cdn$88M special-warrant placement, largely to fund its pending purchase of Talisman's oil sands leases.

capital raising announcement

Ivanhoe agreed to buy Talisman Energy's interests in three Athabasca oil sands leases for about Cdn$105M, its first major move into Canadian oil sands alongside its China and Ecuador heavy-oil projects.

material agreement

The China Mineral Acquisition Corporation deal fell through: the blank-check company missed its own deadline to complete a combination and had to liquidate, ending Ivanhoe's plan to list Sunwing's China assets separately.

material agreement termination

Ivanhoe agreed to combine its Sunwing China subsidiary with blank-check company China Mineral Acquisition Corporation, which would redomicile as China Ivanhoe Energy and leave Ivanhoe holding about 80% of the resulting public vehicle.

material agreement

Ivanhoe bought back the 40% stake in its Dagang, China enhanced-oil-recovery project that it had farmed out to CITIC Resources' Richfirst unit in 2004, paying in shares plus a $7.4M loan and taking the project to 100% ownership.

asset acquisition disposition

Ivanhoe completed the Ensyn merger, paying the agreed US$10M cash and issuing 30M shares. Ensyn's petroleum-upgrading technology (the future HTL process) is now Ivanhoe's; Ensyn's separate biomass/renewables business was spun out to its old shareholders before closing.

asset acquisition disposition

Ivanhoe agreed to acquire Ensyn Group for US$10M cash plus about 30M shares (roughly US$75M), gaining Ensyn's patented RTP heavy-oil upgrading technology that would become the basis of Ivanhoe's core HTL heavy-oil process.

business combination