The RSA provides, among other things, that the date by which the Company shall have commenced a voluntary reorganization under chapter 11 of the U.S. Bankruptcy Code was extended from July 17, 2016 to July 20, 2016. As previously reported, the Company will also commence ancillary proceedings in Canada on behalf of the Canadian Entities and a provisional liquidation proceeding in Bermuda on behalf of the Bermudian Entities. The Company expects to continue operations in the ordinary course throughout the restructuring process.
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