Action Receives Demand For Payment From National Bank

摘要

Action Energy Inc. says it has received a notice from National Bank of Canada demanding payment of amounts owed to it pursuant to certain credit facilities together with any accrued interest and other legal fees or charges.As at Oct. 19, 2009, National Bank is owed approximately $31.6 million pursuant to the credit facilities. National Bank is demanding payment in full by the close of business on Oct. 29.Action said it continues to work with Michael Steele of Steele Consulting Partnership and Avonlea Ventures Inc. to establish a restructuring plan to address debt issues and consider other strategic alternatives.