04/10/2013 08:45 EDT | Updated 06/10/2013 05:12 EDT

Poseidon Concepts up for sale under supervision of court-appointed monitor

CALGARY - Poseidon Concepts Corp. (TSX:PSN) has received temporary protection from its creditors under supervision of a court-appointed monitor and been put up for sale.

The Calgary-based oilfield services company has been grappling with a number of problems, including the discovery that most of its revenue in the first nine months of 2012 was improperly booked and must be restated.

PricewaterhouseCoopers Inc., a firm that provides audit, accounting and restructuring services, has been appointed monitor by the Alberta Court of Queen's Bench.

The court has also stayed actions against Poseidon until May 9, when the company can seek an extension of the creditor protection.

Ernst & Young Orenda has been hired to help Poseidon's two remaining directors solicit and evaluate offers for a sale of the company or its assets.

There's been a cease-trade order on Poseidon stock since it announced in February that it must restate between $95 million and $106 million out of $148 million of revenue booked in the first nine months of 2012.