Bloomberg reported Connacher Oil & Gas defaulted on some of its debt and a creditor group represented by Credit Suisse Group is right to demand repayment, a former U.S. bankruptcy judge said in court papers filed in Calgary.

According to Bloomberg , Connacher, hurt by falling energy prices, needs an Alberta court’s approval to swap C$1 billion ($793 million) of bonds for equity and to issue $35 million of convertible notes.

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