Post by liquidator on Oct 12, 2004 12:55:11 GMT -5
AMERICAN INTERNATIONAL PETROLEUM CORPORATION FILES VOLUNTARY PETITIONS FOR
CHAPTER 11 REORGANIZATION
Houston, Texas – October 11, 2004. American International Petroleum
Corporation (“AIPCâ€) (OTCPK: AIPN) announced today that on October 7, 2004
it filed, together with its wholly owned subsidiary, American International
Refinery, Inc. (“AIRIâ€), petitions for Chapter 11 reorganization with the
United States Bankruptcy Court for the Western District of Louisiana,
Lafayette-Opelousas Division. This filing is being made as a part of AIPC's
attempts to reorganize its debt and capital structure. AIPC’s other
subsidiaries are not included or affected by the Chapter 11 filing. In
conjunction with petitions for Chapter 11 reorganization, AIPC asked the
Bankruptcy Court to consider a variety of “first day motions.†These
include motions seeking court permission to jointly administer bankruptcy cases
and retain legal professionals to support the company’s reorganization
actions.
AIPC also announced today that on October 5, 2004, AIRI signed an agreement,
subject to bankruptcy court approval and the results of the auction process
referred to below, to sell substantially all of AIRI’s assets to a third party
purchaser. The sale transaction is subject to certain closing conditions,
including approval of the bankruptcy court. The transaction will be consummated
as soon as all conditions are met. In an effort to maximize value for all its
creditor constituencies, AIRI is seeking permission of the court to conduct the
sale to a third party under section 363 of the U.S. Bankruptcy Code. A key
element of this process will be a competitive bidding auction at which all
qualified parties can, and are encouraged to, bid for the assets of AIRI.
American International Petroleum Corporation is a petroleum company which,
through certain subsidiaries, is involved in oil and gas exploration and
development in Kazakhstan.
All statements, other than statements of historical fact, included in this press
release are forward-looking statements, including, but not limited to,
statements identified by the words, “attempt,†“will†and similar
expressions and statements regarding our legal position, plans and objectives.
These statements reflect our current views with respect to future events, based
on what we believe are reasonable assumptions. Certain factors could cause
actual results to differ materially from results anticipated in the
forward-looking statements. These factors include, but are not limited to, the
consummation of the transactions contemplated by the purchase agreement and
successful implementation of the restructuring effort.
CHAPTER 11 REORGANIZATION
Houston, Texas – October 11, 2004. American International Petroleum
Corporation (“AIPCâ€) (OTCPK: AIPN) announced today that on October 7, 2004
it filed, together with its wholly owned subsidiary, American International
Refinery, Inc. (“AIRIâ€), petitions for Chapter 11 reorganization with the
United States Bankruptcy Court for the Western District of Louisiana,
Lafayette-Opelousas Division. This filing is being made as a part of AIPC's
attempts to reorganize its debt and capital structure. AIPC’s other
subsidiaries are not included or affected by the Chapter 11 filing. In
conjunction with petitions for Chapter 11 reorganization, AIPC asked the
Bankruptcy Court to consider a variety of “first day motions.†These
include motions seeking court permission to jointly administer bankruptcy cases
and retain legal professionals to support the company’s reorganization
actions.
AIPC also announced today that on October 5, 2004, AIRI signed an agreement,
subject to bankruptcy court approval and the results of the auction process
referred to below, to sell substantially all of AIRI’s assets to a third party
purchaser. The sale transaction is subject to certain closing conditions,
including approval of the bankruptcy court. The transaction will be consummated
as soon as all conditions are met. In an effort to maximize value for all its
creditor constituencies, AIRI is seeking permission of the court to conduct the
sale to a third party under section 363 of the U.S. Bankruptcy Code. A key
element of this process will be a competitive bidding auction at which all
qualified parties can, and are encouraged to, bid for the assets of AIRI.
American International Petroleum Corporation is a petroleum company which,
through certain subsidiaries, is involved in oil and gas exploration and
development in Kazakhstan.
All statements, other than statements of historical fact, included in this press
release are forward-looking statements, including, but not limited to,
statements identified by the words, “attempt,†“will†and similar
expressions and statements regarding our legal position, plans and objectives.
These statements reflect our current views with respect to future events, based
on what we believe are reasonable assumptions. Certain factors could cause
actual results to differ materially from results anticipated in the
forward-looking statements. These factors include, but are not limited to, the
consummation of the transactions contemplated by the purchase agreement and
successful implementation of the restructuring effort.