From 14 to 80 per cent: the remarkable recovery by Twin Butte’s debenture holders

It’s over.

Almost two years after Calgary-based Twin Butte Energy Ltd. entered receivership — put there by the actions of the holders of $85 million of convertible debentures who objected to the terms of a takeover offer — the final payments to the creditors have been approved.

And for the debenture holders — who anted up $85 million in late 2013 to receive a 6.25-per-cent interest rate for five years and the right to convert into Twin Butte common shares at $3.05 a share — the...

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