TORONTO, Nov. 24, 2025 (GLOBE NEWSWIRE) — Canacol Energy Ltd. (TSX: CNE) (OTCQX: CNNEF) (BVC: CNE.C) (“Canacol” or the “Company”) announces that the Company and certain of its subsidiaries have filed for relief under Chapter 15 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. The claims for damages seek recognition of the Company's Canadian proceedings commenced under the Companies' Creditors Arrangement Act (CCAA) in the Court of Queen's Bench in Alberta as a foreign main proceeding.
Relief under Chapter 15 of the U.S. Bankruptcy Code is intended to protect a company's U.S. assets and facilitate cooperation between U.S. courts and foreign litigation. In connection with the motions, the foreign representative sought interim relief and a stay of proceedings to prevent creditor action while it developed a resolution plan under the CCAA's restructuring provisions.
At a hearing held on November 20, 2025, the United States Bankruptcy Court granted the foreign representative's motion for temporary relief without opposition and set a hearing on the foreign representative's motion for recognition for December 11, 2025 at 11:00 a.m. Eastern Time.
KPMG Inc. serves as an authorized foreign representative in Chapter 15 matters. The foreign representative is represented by the American firm Pachulski Stang Ziehl & Jones LLP.
About Kanakol
Canacol is a natural gas exploration and production company based in Colombia. The Corporation's shares are traded on the Toronto Stock Exchange under the symbol CNE, on the OTCQX in the United States under the symbol CNNEF, and on the Bolsa de Valores de Colombia under the symbol CNEC.
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often characterized by words such as “plan,” “anticipate,” “project,” “target,” “intend,” “believe,” “anticipate,” “estimate,” and other similar words, or statements that certain events or conditions “may” or “will” occur, including, without limitation, statements regarding expected rates of production at the Corporation's facilities, as well as anticipated work programs and related timing. Forward-looking statements are based on management's opinions and estimates as of the date they are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot guarantee that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change, and the Corporation undertakes no obligation to revise or update them to reflect new circumstances, except as required by law.
