The latest reports show that the restructuring attempts at Ivanhoe Energy have failed, and the company has announced the fact that the creditor restructuring talks were not successful and the business is bankrupt. The failed attempt was first reported last week, and the small company in the oilsands region stated that it has worked diligently since a notice was first filed in February. All of the parties involved were not able to agree to a viable restructuring proposal. The court appointed trustee for Ivanhoe Energy is Ernst & Young. The first deadline given for an agreement to be reached was April 21, but this was extended until May 29 in the hopes that everyone could come together and agree on a proposal. This did not happen though.

A spokesperson for Ivanhoe Energy could not be reached for comment about the failure of the restructuring talks. A statement was released last week that read in part “As the efforts by the company and the Proposal Trustee to reach a viable restructuring proposal have not been successful, by operation of the law under the BIA, the company was deemed bankrupt as of 11:59pm MDT on June 1, 2015.” Last year the company issued warnings that a project involving 20,000 barrels a day was being reconsidered because there was a revelatory dispute between the company and the Alberta Energy Regulator. Ivanhoe Energy company shares were delisted by Nasdaq and the Toronto Stock Exchange in February. Now the business is bankrupt, and it is too soon to tell what will happen next.