Opti Canada shares plunge as it misses $71m debt payment

CNBC reports Opti Canada Inc shares dropped to a record low on Wednesday as the troubled oil sands producer skipped a scheduled interest payment to conserve cash as it seeks to restructure its crushing debt. Opti shares fell 4 Canadian cents, or 27%, to 11 Canadian cents in the early afternoon on the Toronto Stock Exchange after the company said it wouldn’t make a $71m interest payment due on Wednesday.

CNBC reports:

A protracted series of technical and reservoir problems have kept production at the site well under its 72,000 barrel per day capacity and forced Nexen and Opti to make expensive upgrades to the C$6.1 billion project.