Monday, Probe Resources Ltd. (PBR.V) said it appointed Richard FitzGerald as new Chief Financial Officer or CFO.
FitzGerald was the Chief Financial Officer of HMT Inc., Eagle Rock Energy Partners, L.P. (EROC), Natco Group Inc (NTG) and the former Universal Compression Inc. (UCO). His experience includes capital structure development including initial public equity offers, merger and acquisition evaluations and integration, corporate risk management, human resources, accounting, income tax, internal audit, treasury, cash management, information technology and investor relations.
The company, through its operating subsidiaries Probe Resources US LTD and Probe ST 214 LTD, added that it has entered into a Debt Restructuring Agreement or DRA for retirement of its outstanding trade and secured debt, which replaces the Interim Creditor Agreement or ICA previously announced.
Under the terms of the DRA, the company said the repayment will be made to all trade creditors with interest at an annual rate of 10%. The company also agreed to restrictions on the sale of certain company assets. Probe Resources projects all creditors would be paid by Q3 2010, presuming revenues and expenses continue at current levels.
For comments and feedback: editorial@rttnews.com