TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) Files An 8-K Other EventsItem 8.01 Other Events.
On October 19, 2017, the holder of the 5.0% Convertible Promissory Note issued by Triangle Petroleum Corporation (the “Company”) on July 31, 2012 (the “Note”) transferred the Note to a third party with the consent of the Company. The Note remains due and payable in full. In connection with the Company’s consent to the transfer, the new holder has agreed to forebear until October 19, 2018 on the “Event of Default” under the Note previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 23, 2017. The new holder has also assumed all rights relating to the Note under the Investment Agreement, dated as of July 31, 2012 (the “Investment Agreement”), as amended on March 8, 2013 (the “Investment Agreement Amendment”), and the Amended and Restated Registration Rights Agreement, dated as of March 8, 2013 (the “A&R Registration Rights Agreement”).
A complete copy of the Note was filed as Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on August 1, 2012. A complete copy of the Investment Agreement was filed as Exhibit 4.2 to the Current Report on Form 8-K filed with the SEC on August 1, 2012. A complete copy of the Investment Agreement Amendment was filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on March 13, 2013. A complete copy of the A&R Registration Rights Agreement was filed as Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on March 13, 2013.
The Company continues to engage in discussions with certain of its stakeholders with respect to a potential consensual restructuring or recapitalization of the Company. To date, such discussions have not resulted in any definitive agreements, and the Company continues to focus all of its limited resources on its restructuring efforts. If the Company is unable to restructure or recapitalize, it may be compelled to reorganize through bankruptcy.