Gunvor Group Petitions for Bankruptcy in PA Resources

Source: www.gulfoilandgas.com 4/13/2015, Location: Europe

On Sunday night Gunvor Group informed the company that it had filed an application for bankruptcy of PA Resources AB. The company has not yet been officially notified by Stockholm District Court. Due to the ongoing corporate reorganisation, the application is not expected to have any immediate impact on the company.

As Gunvor Group has informed the company that it may be willing to withdraw the application, the company is currently seeking clarification from Gunvor Group on its intentions and any conditions it may seek to impose. The company is also in discussions with the bondholders regarding their willingness to fund the company in the short term.

The board of directors in PA Resources will meet on Wednesday morning April 15 to further assess the situation and the meeting with creditors at Stockholm District Court will take place in the afternoon of the same day. At this meeting the administrator of the reconstruction process will present his views on the next steps in the reconstruction process.


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