Ivanhoe Energy declares bankruptcy
The company says restructuring talks with creditors have proved unsuccessful
CALGARY—Ivanhoe Energy Inc. says it is bankrupt after restructuring talks with creditors proved unsuccessful.
The company had been working with Ernst & Young to reach a viable restructuring proposal and had already extended the deadline for filing a proposal by a month.
The Vancouver-based heavy oil company has projects in Ecuador and Mongolia and was working to develop a proprietary upgrading process for heavy oil.
The Toronto Stock Exchange and the NASDAQ delisted Ivanhoe’s shares in February.
Ivanhoe Energy is one of several companies backed by Robert Friedland, a mining promoter who has played key roles in developing the Voisey’s Bay nickel deposit in Labrador and the Oyu Tolgoi copper and gold deposit in Mongolia.