December 21, 2017

RGL Reservoir Management Group Inc. Completes US$404 Million Recapitalization

Goodmans LLP represented RGL Reservoir Management Group Inc. and its subsidiaries (RGL) in the implementation of a recapitalization transaction pursuant to a plan of arrangement under the Canada Business Corporations Act.

RGL is a Canadian-based global provider of oilfield solutions with a focus on engineering and manufacturing sand control and flow control products for enhanced oil recovery in the heavy oil industry.

The recapitalization transaction involved the exchange of approximately US$404 million of RGL’s secured debt for common shares of the reorganized company and US$75 million in take-back debt pursuant to a new secured credit facility. As part of the recapitalization, RGL’s existing shareholders received common shares and warrants of the reorganized company.

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