Kazakh recovery lifts Hurricane, tests creditors

Hard work and the mid-1999 crude oil price rebound seem to have transported Hurricane Hydrocarbons Ltd., Calgary, from virtual insolvency to profitable current operations as an important producer of oil in Kazakhstan.Hurricane, more than 8 months behind on interest payments, is under the protection of a Canadian court through Jan. 31, 2000, under the Companies' Creditors Arrangement Act.The company has taken challenging steps to steer its operations in the former Soviet republic through tough times. Low oil prices and other economic and administrative difficulties drove it to seek court protection from creditors in May 1999. Debt repayment is now top priority.The Alberta Court of Quee...

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