Oil sands firm BA Energy under creditor protection
CALGARY, Alberta, Jan 14 (Reuters) - BA Energy Inc, a privately held firm that mothballed a C$4 billion ($3.2 billion) Canadian oil sands upgrader last September, was placed under court protection from creditors late last month, a filing showed.
BA Energy, a unit of closely held Value Creation Group, filed for protection in Calgary, Alberta, under the Companies' Creditors Arrangement Act on December 30, according to court documents filed on the web site of accounting firm Ernst & Young, which was appointed as the company's monitor while it restructures its operations.
Ronnie Mo, chief financial officer of Value Group, said the company expected to release a statement on BA's creditor protection later on Wednesday. ($1=C$1.24) (Reporting by Scott Haggett)
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