BRIEF-Pa Resources says files for corporate reorganisation

Written By Unknown on Jumat, 27 Maret 2015 | 16.47

March 27 (Reuters) - Pa Resources

* Says files for corporate reorganisation

* Says as a result of a perceived lack of progress in the negotiations with its creditors in the past few days, the company's board of directors is no longer confident in the ability to reach an agreement with all parties in the near term.

* Says in light of this, the Company's board of directors has decided to seek protection from creditors by filing an application to the Stockholm District Court for a company reorganisation.

* Says the purpose of the application for the company reorganisation is to provide flexibility to enable the Company to achieve an effective restructuring solution for its stakeholders. The board of directors continues to believe that a long term financing plan can be agreed. Link to press release: here Further company coverage: (Reporting By Bjorn Rundstrom)


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