Sept 19 (Reuters) - Lightstream Resources Ltd:
* Lightstream announces commencement of CCAA process and second forbearance agreement
* Has not been able to reach satisfactory settlement agreement with respect to litigation that has been commenced by certain holders of unsecured notes
* As a result of failure to reach such a settlement, co is required to discontinue currently contemplated plan of arrangement under CBCA arrangement
* Intends to initiate proceedings at court to implement CCAA sale transaction pursuant to an initial order on September 26
* Lightstream Resources Ltd says in addition to foregoing, company has entered into a second forbearance agreement
* Lightstream Resources Ltd says commencement of CCAA sale transaction is not expected to affect normal course business operations Source text for Eikon: Further company coverage: LTS.TO