(Calgary, Canada) - CIRO halted trading in Prairie Provident Resources at 8 a.m. Eastern on October 27, confirming a development the company had previously said it expected.

Updated October 27: The regulator’s notice covers all PPR issues on the TSX and lists the reason as dissemination. A temporary trading halt does not establish a court order, delisting or trading resumption.

The company’s creditor-led restructuring application was scheduled for an Alberta hearing at 10 a.m. Calgary time Tuesday. A court outcome has not been verified for this report.

In its October 26 announcement, the company said Prudential had served an application under the Companies’ Creditors Arrangement Act covering Prairie Provident and its wholly owned Canadian subsidiary. The company says it will not oppose the application.

Proposed powers remain conditional on court approval

If approved, the requested order would appoint Alvarez & Marsal Canada as monitor, with broad operating and financial powers, and authorize a sale and investment solicitation process. It would also stay proceedings until November 6 or a later court-ordered date.

The company expects its directors and officers to resign if the order is granted. It says ordinary operations would continue under the monitor, with existing employees and consultants remaining in place.

Possible delisting remains a company expectation, separate from the confirmed temporary halt.

Update source: CIRO halt notice, October 27.

Source: Prairie Provident Resources announcement, October 26.

Editorial illustration of energy operations and restructuring documents; not an actual company site or court filing.