New York, NY -- (ReleaseWire) -- 04/15/2013 --Eco-Trade Corp. (OTC:BOPT) announced that it has signed a letter of intent with Ambrosia Holding and Finance ltd. for a $5 million dollar financing for the development its first Bakken well. Ambrosia is a private syndicate fund based in London, England and Geneva, Switzerland.
Ambrosia and the Company shall be executing a mutually acceptable definitive legal documentation for the transaction whereby Ambrosia will commit an initial $5 million on a “Farm-In” agreement for drilling of the first well on the Company’s property. Subject to the definitive agreement, the funds shall be used by the Company for exploration and drilling of a petroleum well (Oil and/or Gas) at the Prospect.
Eco-Trade is fully-reporting, independent oil and gas exploration company.
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Central European Distribution Corporation (OTC:CEDCQ) announced that following CEDC's first day hearing, which occurred on 9th April, the Delaware Bankruptcy Court scheduled a hearing to consider confirmation of the Prepackaged Plan of Reorganization on May 13, 2013.
Voting on the Plan closed on April 4, 2013. According to the official vote tabulation prepared by CEDC's voting and information agent, impaired creditors have voted overwhelmingly to accept the Plan. On April 7, 2013, CEDC commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code to seek confirmation of the Plan.
CEDC also announced today that Roust Trading Ltd. has informed CEDC that Roust Trading intends to make an aggregate $5 million payment to all existing stockholders of CEDC, including Roust Trading, as of April 5, 2013, if the Plan is confirmed by the Delaware Bankruptcy Court.
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