BA Energy first oil sands developer to file for protection
Financial Post
Wednesday, January 14, 2009
CALGARY -- BA Energy Inc., developer of the $4-billion Heartland
Upgrader near Edmonton, Wednesday became the first oil sands company to
file for bankruptcy protection, fearing its parent company's major
lender, Credit Suisse, will recall a US$507-million loan.
Columba Yeung, chief executive of parent company Value Creation Inc.,
said that company could default on its multi-million bank loan after BA
was unable to repay it a $50-million loan. BA's failure to make good on