In light of Gunvor Group’s decision to withdraw its petition for bankruptcy of
PA Resources AB and, together with the bondholders, lend its support to the
reorganisation process the board of directors has decided to continue with the
corporate reorganisation.
The preliminary plan for reorganisation will be presented by the administrator
to the creditor’s meeting at the Stockholm District Court this afternoon.
The plan is based on reaching agreement with the company’s creditors to provide
the company with short-term financing which will support the operations of its
subsidiaries in order to maintain the value of the company’s asset portfolio,
while the board of directors is reviewing its strategic options.
Stockholm 15 April, 2015
PA Resources AB (publ)
For additional information, please contact:
Tomas Hedström, Chief Financial Officer
Phone: +46 8 545 211 50
E-mail: ir@paresources.se
PA Resources AB (publ) is an international oil and gas group which conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United
Kingdom, Denmark, Netherlands and Germany. PA Resources is producing oil in West
Africa and North Africa. The parent company is located in Stockholm, Sweden. PA
Resources’ net sales amounted to SEK 603 million in 2014. The share is listed on
the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit
www.paresources.se.
The above information has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
published at 11:25 CET 15 April 2015.
