	b c resources has agreement on credit facility british columbia resources investment corp earlier reporting higher full year operating losses said it reached agreement in principle with five lenders providing for a mln dlr credit facility over a four year term the company said the credit facility is extendable under certain circumstances with annual principal payments of five mln dlrs the agreement is subject to certain lender approvals and completion of formal documentation it earlier reported losses before extraordinary items rose to mln dlrs from year ago mln dlrs b c resources also said dividends on its series preferred shares and exchangeable preferred shares will remain suspended however payment will be made on account of the quarterly dividend on the exchangeable preferred shares by the company s trustee from a deposit account b c resources said sufficient funds should be available to pay full amount of the march dividend to exchangeable preferred shareholders with payment expected in early april to shareholders of record march the company said if future dividends are not declared after the april exchangeable preferred quarterly payout future payment will depend on the amount of dividends received from westcoast transmission co wtc b c resources said the company said its increased fourth quarter and full year operating losses primarily resulted from lower oil prices and a four month labor shutdown at its balmer coal mine in british columbia b c resources also recorded a mln dlr extraordinary loss which included losses on disposition of north sea oil and gas interests by pct owned westar mining ltd b c resources extraordinary charge also included a writedown of its investment in westar petroleum gains on the sales of westar timber s skeena and celgar pulp mills and terrace sawmill partially offset the extraordinary loss the company said the company said the asset sales have eliminated b c resources long term financing commitment in the north sea and exposure to the fluctuating pulp market it also said it cut long term debt in to mln dlrs from billion dlrs at year end and management changes and staff cuts have significantly reduced costs reuter 
