Prairie Provident lenders move to take control, TSX trading halted as creditor-led CCAA application set in Alberta
Prudential has applied for a Court of King’s Bench initial order seeking creditor-led CCAA protection for Prairie Provident Resources, prompting a trading halt on the TSX and the likely appointment of Alvarez and Marsal as monitor. The move underscores continued strain on small Canadian oil and gas producers facing covenant breaches and tight credit conditions.