May 10 (Reuters) - Artisan Energy Corp AEC.V :
* Says announces that corporation's principal secured lender
has demanded repayment of all indebtedness owed
* Have determined that its business is no longer a viable
going concern, as its current market asset value is less than
its current debt
* Unable to refinance or recapitalize its operations and
corporation no longer has financial capability to carry on
operations
* Artisan is not in a financial positon to make any
repayment at this time
* Says Artisan has shut-in all wells and ceased field
operations for both economic and safety reasons
* Working with principal secured lender along with Alberta
energy regulator to determine a suitable path to a receivership
or bankruptcy
Source text for Eikon:
Further company coverage: AEC.V
(Bengaluru Newsroom)