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PA Resources Filed Petition to Extend the Corporate Reorganisation

Source: www.gulfoilandgas.com 9/17/2015, Location: Europe

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PA Resources AB has filed a petition with the Stockholm District Court to extend the corporate reorganisation with a further three months. The company filed for corporate reorganisation on the 26 March 2015. Following a decision by the District Court on the 9 July 2015 the corporate reorganisation was extended until the 28 September 2015. The 9 September 2015 the company filed a request for a composition proceedings with the court, following which the court on the 10 September 2015 decided a creditors’ meeting under composition proceedings is to be held on the 2 October 2015.

As the creditors’ meeting is to be held after the 28 September 2015, it is necessary to extend the corporate reorganisation so that the creditors’ meeting can be held and the composition can become legally binding.

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