Canacol Energy Seeks Creditor Protection to Pursue Restructuring

TORONTO, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (TSX: CNE) (OTCQX: CNNEF) (BVC: CNEC) (“Canacol” or the “Company”), today announces that the Company and its subsidiaries are seeking an order for creditor protection (the “Initial Order”) from the Court of King’s Bench of Alberta (the “Court”) pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”). The CCAA is a federal statute in Canada that allows qualifying insolvent companies to restructure their affairs under court supervision, with the aim of maximizing value for stakeholders and preserving business operations. Under the CCAA, the Company continues operating while it works to restructure its affairs. The CCAA is designed to facilitate a stay of proceedings, giving the company the stability and “breathing room” from creditor actions while it develops a plan of arrangement with creditors or otherwise effect its restructuring. The Monitor is appointed by the court to oversee the process, report to the court, and liaise with stakeholders.